Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Aug. 30, 2019 | Dec. 31, 2018 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34630 | ||
Entity Registrant Name | Aspen Technology, Inc | ||
Entity Central Index Key | 0000929940 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-2739697 | ||
Entity Address, Address Line One | 20 Crosby Drive | ||
Entity Address, City or Town | Bedford | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01730 | ||
City Area Code | 781 | ||
Local Phone Number | 221-6400 | ||
Title of 12(b) Security | Common stock, $0.10 par value per share | ||
Trading Symbol | AZPN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,131,947,302 | ||
Common stock held by non-affiliates | 62,447,643 | ||
Share price as of December 31, 2018 | $ 82.18 | ||
Entity Common Stock, Shares Outstanding | 68,367,624 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant's Proxy Statement related to its 2019 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference in Part III, Items 10-14 of this Form 10-K. |
Cover Page Explanatory Note (De
Cover Page Explanatory Note (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 |
Contract assets | $ 619,703 | ||||
Deferred income taxes | 159,071 | $ 0 | |||
Accounts Receivable, Net, Current | 47,784 | 21,910 | |||
Retained earnings | $ 1,259,984 | 305,208 | |||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||
Contract assets | 557,377 | ||||
Deferred income taxes | $ 135,535 | $ 137,872 | $ 140,197 | 184,901 | |
Accounts Receivable, Net, Current | 41,640 | 52,933 | 50,346 | 41,810 | |
Retained earnings | 1,156,120 | 1,094,533 | 1,035,316 | 997,250 | |
Restatement Adjustment [Member] | |||||
Contract assets | (84,000) | 87,600 | |||
Deferred income taxes | 19,400 | 19,400 | |||
Accounts Receivable, Net, Current | 3,700 | ||||
Retained earnings | 68,300 | 68,300 | |||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||
Deferred income taxes | (19,366) | (19,366) | (19,366) | (29,224) | |
Accounts Receivable, Net, Current | (3,653) | (3,653) | (3,653) | 0 | |
Retained earnings | $ (68,257) | $ (68,257) | $ (68,257) | $ (68,257) |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue: | |||
Revenue | $ 598,345 | $ 499,514 | $ 482,942 |
Cost of revenue: | |||
Total cost of revenue | 57,816 | ||
Gross profit | 540,529 | 448,870 | 435,476 |
Operating expenses: | |||
Selling and marketing | 111,374 | 101,077 | 92,633 |
Research and development | 83,122 | ||
General and administrative | 63,231 | 56,076 | 51,297 |
Total operating expenses | 257,727 | 239,229 | 223,460 |
Income from operations | 282,802 | 209,641 | 212,016 |
Interest income | 28,457 | 231 | 808 |
Interest (expense) | (8,733) | ||
Other income (expense), net | 664 | ||
Income before income taxes | 303,190 | ||
Provision for (benefit from) income taxes | 40,456 | 54,655 | 48,150 |
Net income | $ 262,734 | $ 148,688 | $ 162,196 |
Net income per common share: | |||
Basic (in dollars per share) | $ 3.76 | $ 2.06 | $ 2.12 |
Diluted (in dollars per share) | $ 3.71 | $ 2.04 | $ 2.11 |
Weighted average shares outstanding: | |||
Basic (in shares) | 69,925 | 72,140 | 76,491 |
Diluted (in shares) | 70,787 | 72,956 | 76,978 |
License [Member] | |||
Revenue: | |||
Revenue | $ 404,122 | $ 0 | $ 0 |
Cost of revenue: | |||
Total cost of revenue | 7,060 | ||
Maintenance [Member] | |||
Revenue: | |||
Revenue | 165,436 | 0 | 0 |
Cost of revenue: | |||
Total cost of revenue | 19,208 | ||
Services and other [Member] | |||
Revenue: | |||
Revenue | 28,787 | 28,473 | 29,430 |
Cost of revenue: | |||
Total cost of revenue | $ 31,548 | ||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue: | |||
Revenue | 518,859 | 494,427 | |
Cost of revenue: | |||
Total cost of revenue | 50,644 | 47,466 | |
Gross profit | 468,215 | 446,961 | |
Operating expenses: | |||
Selling and marketing | 99,737 | 91,977 | |
Research and development | 82,076 | 79,530 | |
General and administrative | 67,181 | 58,735 | |
Total operating expenses | 248,994 | 230,242 | |
Income from operations | 219,221 | 216,719 | |
Interest income | 24,954 | 22,942 | |
Interest (expense) | (5,691) | (3,787) | |
Other income (expense), net | (838) | 1,309 | |
Income before income taxes | 237,646 | 237,183 | |
Provision for (benefit from) income taxes | (56,057) | 57,797 | |
Net income | $ 293,703 | $ 179,386 | |
Net income per common share: | |||
Basic (in dollars per share) | $ 4.07 | $ 2.35 | |
Diluted (in dollars per share) | $ 4.03 | $ 2.33 | |
Weighted average shares outstanding: | |||
Basic (in shares) | 72,140 | 76,491 | |
Diluted (in shares) | 72,956 | 76,978 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | License [Member] | |||
Revenue: | |||
Revenue | $ 326,549 | $ 307,259 | |
Cost of revenue: | |||
Total cost of revenue | 5,236 | 4,231 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Maintenance [Member] | |||
Revenue: | |||
Revenue | 161,065 | 157,012 | |
Cost of revenue: | |||
Total cost of revenue | 17,408 | 16,821 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Services and other [Member] | |||
Revenue: | |||
Revenue | 31,245 | 30,156 | |
Cost of revenue: | |||
Total cost of revenue | $ 28,000 | $ 26,414 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 262,734 | $ 148,688 | $ 162,196 |
Other comprehensive loss: | |||
Foreign currency translation adjustments | (1,052) | ||
Total other comprehensive loss | (1,052) | ||
Comprehensive income | $ 261,682 | ||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Net income | 293,703 | 179,386 | |
Other comprehensive loss: | |||
Foreign currency translation adjustments | (71) | (1,192) | |
Total other comprehensive loss | (71) | (1,192) | |
Comprehensive income | $ 293,632 | $ 178,194 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets: | |||||||
Cash and cash equivalents | $ 71,926 | $ 96,165 | |||||
Accounts receivable, net | 47,784 | 21,910 | |||||
Current contract assets | 294,193 | 0 | |||||
Prepaid expenses and other current assets | 12,628 | ||||||
Prepaid income taxes | 2,509 | ||||||
Total current assets | 429,040 | ||||||
Property, equipment and leasehold improvements, net | 7,234 | 9,806 | |||||
Computer software development costs, net | 1,306 | ||||||
Goodwill | 78,383 | ||||||
Intangible assets, net | 33,607 | 35,310 | |||||
Non-current contract assets | 325,510 | 0 | |||||
Contract costs | 24,982 | 0 | |||||
Non-current deferred tax assets | 1,669 | 11,090 | |||||
Other non-current assets | 1,334 | ||||||
Total assets | 903,065 | 264,924 | |||||
Current liabilities: | |||||||
Accounts payable | 5,891 | ||||||
Accrued expenses and other current liabilities | 54,594 | 39,515 | |||||
Income taxes payable | 14,952 | ||||||
Borrowings under credit agreement | 220,000 | ||||||
Current deferred revenue | 25,318 | 286,845 | |||||
Total current liabilities | 320,755 | ||||||
Non-current deferred revenue | 19,573 | 28,259 | |||||
Deferred income taxes | 159,071 | 0 | |||||
Other non-current liabilities | 10,381 | 18,492 | |||||
Commitments and contingencies (Note 16) | |||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | ||||||
Stockholders' deficit: | |||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,365 | ||||||
Additional paid-in capital | 739,099 | ||||||
Retained earnings | 1,259,984 | 305,208 | |||||
Accumulated other comprehensive income | 336 | ||||||
Treasury stock, at cost— 35,017,726 shares of common stock at June 30, 2019 and 31,943,599 shares at June 30, 2018 | (1,616,499) | ||||||
Total stockholders' equity | 393,285 | $ (75,034) | |||||
Total liabilities and stockholders' equity | $ 903,065 | 264,924 | |||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 65,592 | $ 54,428 | $ 52,048 | 96,165 | $ 101,954 | 318,336 | |
Accounts receivable, net | 41,640 | 52,933 | 50,346 | 41,810 | |||
Current contract assets | 270,732 | 265,686 | 238,495 | 237,537 | |||
Current contract costs | 0 | 0 | 0 | 0 | |||
Prepaid expenses and other current assets | 11,124 | 10,330 | 12,992 | 10,509 | |||
Prepaid income taxes | 1,573 | 921 | 1,422 | 2,601 | |||
Total current assets | 390,661 | 384,298 | 355,303 | 388,622 | |||
Property, equipment and leasehold improvements, net | 7,589 | 8,311 | 9,006 | 9,806 | |||
Computer software development costs, net | 1,452 | 691 | 695 | 646 | |||
Goodwill | 73,534 | 74,802 | 75,649 | 75,590 | |||
Intangible assets, net | 31,756 | 32,889 | 34,192 | 35,310 | |||
Non-current contract assets | 318,752 | 338,060 | 353,449 | 319,840 | |||
Contract costs | 24,325 | 23,046 | 21,296 | 20,500 | |||
Non-current deferred tax assets | 1,696 | 1,651 | 1,176 | 1,232 | |||
Other non-current assets | 1,279 | 1,075 | 1,279 | 1,297 | |||
Total assets | 851,044 | 864,823 | 852,045 | 852,843 | |||
Current liabilities: | |||||||
Accounts payable | 4,023 | 5,249 | 2,501 | 4,230 | |||
Accrued expenses and other current liabilities | 42,746 | 36,688 | 32,000 | 39,515 | |||
Income taxes payable | 35,582 | 43,573 | 46,869 | 1,698 | |||
Borrowings under credit agreement | 220,000 | 220,000 | 170,000 | 170,000 | |||
Current deferred revenue | 24,415 | 23,145 | 23,737 | 15,150 | |||
Total current liabilities | 326,766 | 328,655 | 275,107 | 230,593 | |||
Non-current deferred revenue | 19,312 | 18,167 | 15,046 | 12,354 | |||
Deferred income taxes | 135,535 | 137,872 | 140,197 | 184,901 | |||
Other non-current liabilities | 12,403 | 16,192 | 16,833 | 17,068 | |||
Commitments and contingencies (Note 16) | |||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | |||
Stockholders' deficit: | |||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,348 | 10,340 | 10,328 | 10,313 | |||
Additional paid-in capital | 730,830 | 725,493 | 724,752 | 715,475 | |||
Retained earnings | 1,156,120 | 1,094,533 | 1,035,316 | 997,250 | |||
Accumulated other comprehensive income | 1,229 | 70 | 965 | 1,388 | |||
Treasury stock, at cost— 35,017,726 shares of common stock at June 30, 2019 and 31,943,599 shares at June 30, 2018 | (1,541,499) | (1,466,499) | (1,366,499) | (1,316,499) | |||
Total stockholders' equity | 357,028 | 363,937 | 404,862 | 407,927 | $ 286,243 | $ 454,803 | |
Total liabilities and stockholders' equity | $ 851,044 | $ 864,823 | $ 852,045 | $ 852,843 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | |||||
Series D redeemable convertible preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
Series D redeemable convertible preferred stock, authorized | 3,636 | 3,636 | 3,636 | 3,636 | 3,636 |
Series D redeemable convertible preferred stock, issued | 0 | 0 | 0 | 0 | 0 |
Series D redeemable convertible preferred stock, outstanding | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
Common stock, authorized | 210,000,000 | 210,000,000 | 210,000,000 | 210,000,000 | 210,000,000 |
Common stock, issued | 103,642,292 | 103,478,590 | 103,395,683 | 103,279,138 | 103,130,300 |
Common stock, outstanding | 68,624,566 | 69,108,515 | 69,803,177 | 70,862,163 | 71,186,701 |
Treasury stock, shares | 35,017,726 | 34,370,075 | 33,592,506 | 32,416,975 | 31,943,599 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained (Deficit) Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
Retained earnings | Adjustments for Topic 606 | $ 529,837 | |||||
Balance at Jun. 30, 2016 | (75,034) | $ 10,203 | $ 659,287 | $ (5,676) | $ 2,651 | $ (741,499) |
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2016 | 454,803 | $ 10,203 | 659,287 | 524,161 | 2,651 | $ (741,499) |
Balance (in shares) at Jun. 30, 2016 | 102,031,960 | 21,854,010 | ||||
Balance (in shares) (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2016 | 102,031,960 | 21,854,010 | ||||
Comprehensive income (loss): | ||||||
Net income | 162,196 | |||||
Net income | Adjustments for Topic 606 | 17,190 | |||||
Net income | Accounting Standards Update 2014-09 (Topic 606) [Member] | 179,386 | 179,386 | ||||
Other comprehensive loss | Accounting Standards Update 2014-09 (Topic 606) [Member] | (1,192) | (1,192) | ||||
Exercise of stock options | Accounting Standards Update 2014-09 (Topic 606) [Member] | 9,273 | $ 34 | 9,239 | |||
Exercise of stock options (in shares) | Accounting Standards Update 2014-09 (Topic 606) [Member] | 332,937 | |||||
Issuance of restricted stock units and net share settlement related to withholding taxes | Accounting Standards Update 2014-09 (Topic 606) [Member] | (5,792) | $ 20 | (5,812) | |||
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares) | Accounting Standards Update 2014-09 (Topic 606) [Member] | 202,232 | |||||
Repurchase of common stock | (275,000) | |||||
Repurchase of common stock | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ (375,000) | $ (375,000) | ||||
Repurchase of common stock (in shares) | 5,185,257 | |||||
Repurchase of common stock (in shares) | Accounting Standards Update 2014-09 (Topic 606) [Member] | 7,291,966 | |||||
Stock-based compensation | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ 18,800 | 18,800 | ||||
Excess tax benefits from stock-based compensation | Accounting Standards Update 2014-09 (Topic 606) [Member] | 5,965 | 5,965 | ||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2017 | 286,243 | $ 10,257 | 687,479 | 703,547 | 1,459 | $ (1,116,499) |
Balance (in shares) (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2017 | 102,567,129 | 29,145,976 | ||||
Comprehensive income (loss): | ||||||
Net income | 148,688 | |||||
Net income | Adjustments for Topic 606 | 145,015 | |||||
Net income | Accounting Standards Update 2014-09 (Topic 606) [Member] | 293,703 | 293,703 | ||||
Other comprehensive loss | Accounting Standards Update 2014-09 (Topic 606) [Member] | (71) | (71) | ||||
Exercise of stock options | Accounting Standards Update 2014-09 (Topic 606) [Member] | 13,431 | $ 36 | 13,395 | |||
Exercise of stock options (in shares) | Accounting Standards Update 2014-09 (Topic 606) [Member] | 362,515 | |||||
Issuance of restricted stock units and net share settlement related to withholding taxes | Accounting Standards Update 2014-09 (Topic 606) [Member] | (8,067) | $ 20 | (8,087) | |||
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares) | Accounting Standards Update 2014-09 (Topic 606) [Member] | 200,656 | |||||
Repurchase of common stock | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ (200,000) | $ (200,000) | ||||
Repurchase of common stock (in shares) | 2,797,623 | |||||
Repurchase of common stock (in shares) | Accounting Standards Update 2014-09 (Topic 606) [Member] | 2,797,623 | |||||
Stock-based compensation | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ 22,688 | 22,688 | ||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2018 | $ 407,927 | $ 10,313 | 715,475 | 997,250 | 1,388 | $ (1,316,499) |
Balance (in shares) at Jun. 30, 2018 | 103,130,300 | |||||
Balance (in shares) (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2018 | 103,130,300 | 31,943,599 | ||||
Retained earnings | $ 305,208 | |||||
Retained earnings | Adjustments for Topic 606 | 692,042 | |||||
Retained earnings | Accounting Standards Update 2014-09 (Topic 606) [Member] | 997,250 | |||||
Comprehensive income (loss): | ||||||
Net income | 38,066 | |||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Sep. 30, 2018 | $ 404,862 | |||||
Balance (in shares) at Sep. 30, 2018 | 103,279,138 | |||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2018 | $ 407,927 | $ 10,313 | 715,475 | 997,250 | 1,388 | $ (1,316,499) |
Balance (in shares) at Jun. 30, 2018 | 103,130,300 | |||||
Balance (in shares) (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Jun. 30, 2018 | 103,130,300 | 31,943,599 | ||||
Comprehensive income (loss): | ||||||
Net income | $ 262,734 | 262,734 | ||||
Other comprehensive loss | (1,052) | (1,052) | ||||
Exercise of stock options | 10,830 | $ 27 | 10,803 | |||
Exercise of stock options (in shares) | 266,014 | |||||
Issuance of restricted stock units and net share settlement related to withholding taxes | (14,727) | $ 25 | (14,752) | |||
Issuance of restricted stock units and net share settlement related to withholding taxes (in shares) | 245,978 | |||||
Repurchase of common stock | $ (300,000) | $ (300,000) | ||||
Repurchase of common stock (in shares) | 3,074,127 | 3,074,127 | ||||
Stock-based compensation | $ 27,573 | 27,573 | ||||
Balance at Jun. 30, 2019 | $ 393,285 | $ 10,365 | 739,099 | 1,259,984 | 336 | $ (1,616,499) |
Balance (in shares) at Jun. 30, 2019 | 103,642,292 | 103,642,292 | 35,017,726 | |||
Retained earnings | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ 1,035,316 | |||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Sep. 30, 2018 | $ 404,862 | |||||
Balance (in shares) at Sep. 30, 2018 | 103,279,138 | |||||
Comprehensive income (loss): | ||||||
Net income | $ 59,217 | |||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Dec. 31, 2018 | $ 363,937 | |||||
Balance (in shares) at Dec. 31, 2018 | 103,395,683 | |||||
Retained earnings | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ 1,094,533 | |||||
Comprehensive income (loss): | ||||||
Net income | 61,587 | |||||
Balance (Accounting Standards Update 2014-09 (Topic 606) [Member]) at Mar. 31, 2019 | $ 357,028 | |||||
Balance (in shares) at Mar. 31, 2019 | 103,478,590 | |||||
Retained earnings | Accounting Standards Update 2014-09 (Topic 606) [Member] | $ 1,156,120 | |||||
Comprehensive income (loss): | ||||||
Net income | 103,865 | |||||
Balance at Jun. 30, 2019 | $ 393,285 | $ 10,365 | $ 739,099 | $ 1,259,984 | $ 336 | $ (1,616,499) |
Balance (in shares) at Jun. 30, 2019 | 103,642,292 | 103,642,292 | 35,017,726 | |||
Retained earnings | $ 1,259,984 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 262,734 | $ 148,688 | $ 162,196 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 8,143 | ||
Net foreign currency (gains) losses | (1,251) | ||
Stock-based compensation | 27,573 | ||
Deferred income taxes | (26,839) | 3,193 | (4,286) |
Provision for bad debts | 645 | ||
Tax benefits from stock-based compensation | 0 | ||
Excess tax benefits from stock-based compensation | 0 | ||
Other non-cash operating activities | 429 | ||
Changes in assets and liabilities: | |||
Accounts receivable | (6,626) | (4,327) | (7,480) |
Contract assets | (59,322) | 0 | 0 |
Contract costs | (4,482) | 0 | 0 |
Prepaid expenses, prepaid income taxes, and other assets | (2,411) | ||
Accounts payable, accrued expenses, income taxes payable and other liabilities | 21,921 | ||
Deferred revenue | 17,799 | 13,700 | 18,477 |
Net cash provided by operating activities | 238,313 | 206,936 | 182,386 |
Cash flows from investing activities: | |||
Purchases of marketable securities | 0 | ||
Maturities of marketable securities | 0 | ||
Purchase of property, equipment and leasehold improvements | (436) | ||
Payments for business acquisitions, net of cash acquired | (6,098) | ||
Payments for capitalized computer software costs | (1,131) | ||
Net cash used in investing activities | (7,665) | ||
Cash flows from financing activities: | |||
Proceeds from issuances of shares of common stock | 10,864 | ||
Repurchases of common stock | (299,214) | ||
Payment of tax withholding obligations related to restricted stock | (14,477) | ||
Deferred business acquisition payments | (1,700) | ||
Excess tax benefits from stock-based compensation | 0 | ||
Proceeds from credit agreement | 50,000 | ||
Payments of credit agreement issuance costs | 0 | ||
Net cash used in financing activities | (254,527) | ||
Effect of exchange rate changes on cash and cash equivalents | (360) | ||
Decrease in cash and cash equivalents | (24,239) | ||
Cash and cash equivalents, beginning of year | 96,165 | ||
Cash and cash equivalents, end of year | 71,926 | 96,165 | |
Supplemental disclosure of cash flow information: | |||
Income tax paid, net | 53,153 | ||
Interest paid | 8,121 | ||
Supplemental disclosure of non-cash investing and financing activities: | |||
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses | 104 | ||
Change in repurchases of common stock included in accounts payable and accrued expenses | 786 | ||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Cash flows from operating activities: | |||
Net income | 293,703 | 179,386 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 6,544 | 6,405 | |
Net foreign currency (gains) losses | 980 | (1,036) | |
Stock-based compensation | 22,688 | 18,800 | |
Deferred income taxes | (110,308) | 5,273 | |
Provision for bad debts | 1,418 | 199 | |
Tax benefits from stock-based compensation | 0 | 5,965 | |
Excess tax benefits from stock-based compensation | 0 | (5,965) | |
Other non-cash operating activities | 421 | 602 | |
Changes in assets and liabilities: | |||
Accounts receivable | 846 | (8,164) | |
Contract assets | 3,640 | (4,327) | |
Contract costs | (617) | (203) | |
Prepaid expenses, prepaid income taxes, and other assets | 3,821 | (2,421) | |
Accounts payable, accrued expenses, income taxes payable and other liabilities | 1,156 | (9,070) | |
Deferred revenue | (17,356) | (3,058) | |
Net cash provided by operating activities | 206,936 | 182,386 | |
Cash flows from investing activities: | |||
Purchases of marketable securities | 0 | (683,748) | |
Maturities of marketable securities | 0 | 686,346 | |
Purchase of property, equipment and leasehold improvements | (331) | (2,720) | |
Payments for business acquisitions, net of cash acquired | (33,700) | (36,171) | |
Payments for capitalized computer software costs | (329) | (405) | |
Net cash used in investing activities | (34,360) | (36,698) | |
Cash flows from financing activities: | |||
Proceeds from issuances of shares of common stock | 13,466 | 9,273 | |
Repurchases of common stock | (205,049) | (371,491) | |
Payment of tax withholding obligations related to restricted stock | (7,896) | (5,764) | |
Deferred business acquisition payments | (8,649) | 0 | |
Excess tax benefits from stock-based compensation | 0 | 5,965 | |
Proceeds from credit agreement | 30,000 | 0 | |
Payments of credit agreement issuance costs | (351) | 0 | |
Net cash used in financing activities | (178,479) | (362,017) | |
Effect of exchange rate changes on cash and cash equivalents | 114 | (53) | |
Decrease in cash and cash equivalents | (5,789) | (216,382) | |
Cash and cash equivalents, beginning of year | $ 96,165 | 101,954 | 318,336 |
Cash and cash equivalents, end of year | 96,165 | 101,954 | |
Supplemental disclosure of cash flow information: | |||
Income tax paid, net | 50,557 | 65,536 | |
Interest paid | 5,038 | 3,444 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses | (61) | (47) | |
Change in repurchases of common stock included in accounts payable and accrued expenses | $ (5,049) | $ 3,509 |
Operations
Operations | 12 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations | Operations Aspen Technology, Inc., together with its subsidiaries, is a leading global supplier of asset optimization solutions that optimize asset design, operations and maintenance lifecycle in complex, industrial environments. Our aspenONE software and related services have been developed specifically for companies in the process and other capital-intensive industries such as energy, chemicals, engineering and construction, as well as pharmaceuticals, transportation, power, metals and mining, pulp and paper, and consumer packaged goods. Customers use our solutions to improve their competitiveness and profitability by increasing throughput, energy efficiency, and production, reducing unplanned downtime, enhancing capital efficiency, and decreasing working capital requirements over the entire asset lifecycle to support operational excellence. We operate globally in 32 countries as of June 30, 2019 . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (a) Principles of Consolidation The accompanying consolidated financial statements include the accounts of Aspen Technology, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Restatement In connection with the restatement of the fiscal 2019 unaudited quarterly financial statements described in Note 19, "Quarterly Financial Data (Unaudited)," to our Consolidated Financial Statements, we have restated the adjusted June 30, 2018 balance sheet as previously presented in such quarterly financial statements. Refer to Note 19 for further information. Reclassifications Certain line items in prior period financial statements have been reclassified to conform to currently reported presentations. (b) Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. (c) Cash and Cash Equivalents Cash and cash equivalents consist of short-term money market instruments. (d) Computer Software Development Costs Certain computer software development costs are capitalized in the accompanying consolidated balance sheets. Capitalization of computer software development costs begins upon establishing technological feasibility defined as meeting specifications determined by the program design. Amortization of capitalized computer software development costs is provided on a product-by-product basis using the greater of (a) the amount computed using the ratio that current gross revenue for a product bears to total of current and anticipated future gross revenue for that product or (b) the straight-line method, beginning upon commercial release of the product, and continuing over the remaining estimated economic life of the product, not to exceed three years . Total computer software costs capitalized were $1.1 million , $0.4 million and $0.4 million during the years ended June 30, 2019 , 2018 and 2017 , respectively. Total amortization expense charged to operations was approximately $0.5 million , $0.4 million and $0.5 million for the years ended June 30, 2019 , 2018 and 2017 , respectively. Computer software development accumulated amortization totaled $75.1 million and $74.7 million as of June 30, 2019 and 2018 , respectively. Weighted average remaining useful life of computer software development costs was 2.5 years and 1.0 years at June 30, 2019 and 2018 , respectively. At each balance sheet date, we evaluate the unamortized capitalized software costs for potential impairment by comparing the balance to the net realizable value of the products. During the years ending June 30, 2019 , 2018 and 2017 , our computer software development costs were not considered impaired and as such, we did not recognize impairment losses during the periods then ended. (e) Foreign Currency Translation The determination of the functional currency of subsidiaries is based on the subsidiaries' financial and operational environment. Gains and losses from foreign currency translation related to entities whose functional currency is not our reporting currency are credited or charged to accumulated other comprehensive income included in stockholders' equity in the consolidated balance sheets. In all instances, foreign currency transaction and remeasurement gains or losses are credited or charged to the consolidated statements of operations as incurred as a component of other income (expense), net. Net foreign currency transaction and remeasurement gains were $0.7 million in fiscal 2019 , losses were $(0.8) million in fiscal 2018 , and gains were $0.6 million in fiscal 2017 . (f) Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk are principally cash and cash equivalents and accounts receivable. Our cash is held in financial institutions and our cash equivalents are invested in money market mutual funds that we believe to be of high credit quality. Concentration of credit risk with respect to receivables is limited to certain customers to which we make substantial sales. To reduce risk, we assess the financial strength of our customers. We do not require collateral or other security in support of our receivables. As of June 30, 2019 , we had no customer receivable balances that individually represented 10% or more of our net accounts receivable. As of June 30, 2018 , we had one customer receivable balance that represented approximately 12% of our total receivables, and was collected subsequent to June 30, 2018 . (g) Computer Software Developed for Internal Use and Long-Lived Assets Computer Software Developed for Internal Use: Computer software developed for internal use is capitalized in accordance with ASC Topic 350-40, Intangibles Goodwill and Other—Internal Use Software . We capitalize costs incurred to develop internal-use software during the application development stage after determining software technological requirements and obtaining management approval for funding projects probable of completion. In fiscal 2019 , 2018 and 2017 , there were no capitalized direct labor costs associated with our development of software for internal use. Impairment of Long-Lived Assets: We evaluate our long-lived assets, which include finite-lived intangible assets, property and leasehold improvements for impairment as events and circumstances indicate that the carrying amount of an asset or a group of assets may not be recoverable. We assess the recoverability of the asset or a group of assets based on the undiscounted future cash flows the asset is expected to generate, and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset are less than its carrying value. If an asset or a group of assets are deemed to be impaired, the amount of the impairment loss, if any, represents the excess of the asset's or a group of assets' carrying value compared to their estimated fair values. (h) Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income and its components for fiscal 2019 , 2018 and 2017 are disclosed in the accompanying consolidated statements of comprehensive income. As of June 30, 2019 and 2018 , accumulated other comprehensive income is comprised of foreign translation adjustments of $0.3 million and $1.4 million , respectively. (i) Accounting for Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. (j) Income Taxes Deferred income taxes are recognized based on temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using the statutory tax rates and laws expected to apply to taxable income in the years in which the temporary differences are expected to reverse. Valuation allowances are provided against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the timing of the temporary differences becoming deductible. Management considers, among other available information, scheduled reversals of deferred tax liabilities, projected future taxable income, limitations of availability of net operating loss carryforwards, and other matters in making this assessment. We do not provide deferred taxes on unremitted earnings of foreign subsidiaries since we intend to indefinitely reinvest either currently or sometime in the foreseeable future. Unrecognized provisions for taxes on undistributed earnings of foreign subsidiaries, which are considered indefinitely reinvested, are not material to our consolidated financial position or results of operations. We are continuously subject to examination by the IRS, as well as various state and foreign jurisdictions. The IRS and other taxing authorities may challenge certain deductions and credits reported by us on our income tax returns. In accordance with provisions of ASC Topic 740, Income Taxes (ASC 740), an entity should recognize a tax benefit when it is more-likely-than-not, based on the technical merits, that the position would be sustained upon examination by a taxing authority. The amount to be recognized, if the more-likely-than-not threshold was passed, should be measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Furthermore, any change in the recognition, de-recognition or measurement of a tax position should be recorded in the period in which the change occurs. We account for interest and penalties related to uncertain tax positions as part of the provision for income taxes. (k) Loss Contingencies We accrue estimated liabilities for loss contingencies arising from claims, assessments, litigation and other sources when it is probable that a liability has been incurred and the amount of the claim assessment or damages can be reasonably estimated. We believe that we have sufficient accruals to cover any obligations resulting from claims, assessments or litigation that have met these criteria. (l) Advertising Costs Advertising costs are expensed as incurred and are classified as sales and marketing expenses. We incurred advertising expenses of $4.4 million , $3.2 million and $3.2 million during fiscal 2019 , 2018 and 2017 , respectively. (m) Research and Development Expense We charge research and development expenditures to expense as the costs are incurred. Research and development expenses consist primarily of personnel expenses related to the creation of new products, enhancements and engineering changes to existing products and costs of acquired technology prior to establishing technological feasibility. During fiscal 2017 , we acquired certain technologies for $2.3 million . At the time we acquired the technology, the project to develop a commercially available product did not meet the definition of having reached technological feasibility and as such, the entire cost of the acquired technology was expensed as research and development expense. (n) New Accounting Pronouncements Adopted in Fiscal 2019 In May 2014, the FASB issued Topic 606, which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) , and requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to evaluate revenue recognition through a five-step process. In applying the principles of Topic 606, more judgment and estimates are required within the revenue recognition process than were required under previous U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. We adopted Topic 606 effective July 1, 2018 using the full retrospective method, which required us to adjust the prior periods presented. The adoption of Topic 606 impacted the timing of the license portion of the revenue recognized from our term contracts. Under the new standard, for arrangements that include term-based software licenses bundled with maintenance and support, we are now required to recognize as revenue a portion of the arrangement fee upon delivery of the software license. We recognize as revenue a portion of the arrangement fee related to maintenance and support, professional services, and training over time as the services are provided. Additionally, under the new standard, we capitalize certain direct and incremental commission costs to obtain a contract and amortize such costs over the expected period of benefit, rather than expensing them as incurred in the period that the commissions are earned. See Note 3, "Revenue from Contracts with Customers," to our Consolidated Financial Statements for more information on our accounting policies as a result of the adoption of Topic 606. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business. The amendment changes the definition of a business to assist entities in evaluating when a set of transferred assets and activities constitutes a business. We adopted ASU No. 2017-01 effective July 1, 2018. The adoption of ASU No. 2017-01 did not have a material effect on our consolidated financial statements or related disclosures. In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 . The amendment provides guidance on accounting for the impact of the Tax Cuts and Jobs Act (the “Tax Act”) and allows entities to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date. This standard is effective upon issuance. The Tax Act has several significant changes that impact all taxpayers, including a transition tax, which is a one-time tax charge on accumulated, undistributed foreign earnings. The calculation of accumulated foreign earnings requires an analysis of each foreign entity’s financial results going back to 1986. We have concluded that we will not be subject to the transition tax associated with our accumulated, undistributed foreign earnings. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendment. The ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. We adopted ASU No. 2018-15 effective October 1, 2018. During fiscal 2019, $0.8 million of implementation costs were capitalized, and $0.1 million expensed, as a result of the adoption of ASU No. 2018-15. (o) Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . Under the amendment, lessees will be required to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. We will adopt Topic 842 using the modified retrospective method effective July 1, 2019. We will elect the available practical expedients permitted under the transition guidance within the new standard, and will implement internal controls to enable the preparation of financial information upon adoption. The most significant impact will be the recognition of right-of use (ROU) assets and lease liabilities for operating leases, while our accounting for capital leases will remain substantially unchanged. Based upon the work performed to date, we expect the adoption of Topic 842 will result in the recognition of a right-of-use asset, and a corresponding lease liability, of approximately $32.0 million to $36.0 million on the consolidated balance sheets. The difference between the assets and liabilities will be attributable to the reclassification of certain existing lease-related assets and liabilities. Where applicable, a corresponding deferred tax asset and liability will be recorded related to the right-of-use asset and lease liability. Topic 842 is not expected to materially impact the consolidated statements of operations or consolidated statements of cash flows. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 12 Months Ended |
Jun. 30, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers In accordance with Topic 606, we account for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration to which we are entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. Nature of Products and Services We generate revenue from the following sources: (1) License revenue; (2) Maintenance revenue; and (3) Services and other revenue. We sell our software products to end users primarily under fixed-term licenses. We license our software products primarily through a subscription offering which we refer to as our aspenONE licensing model, which includes software maintenance and support, known as our Premier Plus SMS offering, for the entire term. Our aspenONE products are organized into three suites: 1) engineering; 2) manufacturing and supply chain; and 3) asset performance management. The aspenONE licensing model provides customers with access to all of the products within the aspenONE suite(s) they license. We refer to these arrangements as token arrangements. Tokens are fixed units of measure. The amount of software usage is limited by the number of tokens purchased by the customer. We also license our software through point product term arrangements, which include our Premier Plus SMS offering for the entire term. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. Term-based Arrangements: Term-based arrangements consist of on-premise term licenses as well as maintenance. License License revenue consists primarily of product and related revenue from our aspenONE licensing model and point product arrangements. When a customer elects to license our products under our aspenONE licensing model, the customer receives, for the term of the arrangement, the right to all software products in the licensed aspenONE software suite. When a customer elects to license point products, the customer receives, for the term of the arrangement, the right to license specified products in the licensed aspenONE software suite. Revenue from initial product licenses is recognized upfront upon delivery. Maintenance When a customer elects to license our products under our aspenONE licensing model, our Premier Plus SMS offering is included for the entire term of the arrangement and the customer receives, for the term of the arrangement, the right to any updates that may be introduced into the licensed aspenONE software suite. When a customer elects to license point products, our Premier Plus SMS offering is included for the entire term of the arrangement and the customer receives, for the term of the arrangement, the right to any updates that may be introduced related to the specified products licensed. Maintenance represents a stand-ready obligation and, due to our obligation to provide unspecified future software updates on a when-and-if available basis as well as telephone support services, we are required to recognize revenue ratably over the term of the arrangement. Services and Other Revenue Professional Services Revenue Professional services are provided to customers on a time-and-materials ("T&M") or fixed-price basis. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligation. For professional services, revenue is recognized by measuring progress toward the completion of our obligations. We recognize professional services fees for our T&M contracts based upon hours worked and contractually agreed-upon hourly rates. Revenue from fixed-price engagements is recognized using the proportional performance method based on the ratio of costs incurred to the total estimated project costs. The use of the proportional performance method is dependent upon our ability to reliably estimate the costs to complete a project. We use historical experience as a basis for future estimates to complete current projects. Additionally, we believe that costs are the best available measure of performance. Out-of-pocket expenses which are reimbursed by customers are recorded as revenue. Training Revenue We provide training services to our customers, including on-site, Internet-based, public and customized training. The obligation to provide training services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligation. Revenue is recognized in the period in which the services are performed. Contracts with Multiple Performance Obligations Our contracts generally contain more than one of the products and services listed above, each of which is separately accounted for as a distinct performance obligation. Allocation of consideration : We allocate total contract consideration to each distinct performance obligation in an arrangement on a relative standalone selling price basis. The standalone selling price reflects the price we would charge for a specific product or service if it was sold separately in similar circumstances and to similar customers. If the arrangement contains professional services and other products or services, we allocate to the professional service obligation a portion of the total contract consideration based on the standalone selling price of professional services that is observed from consistently priced standalone sales. The standalone selling price for term licenses, which are always sold with maintenance, is the price for the combined license and maintenance bundle. The amount assigned to the license and maintenance bundle is separated into license and maintenance amounts using the respective standalone selling prices represented by the value relationship between the software license and maintenance. When two or more contracts are entered into at or near the same time with the same customer, we evaluate the facts and circumstances associated with the negotiation of those contracts. Where the contracts are negotiated as a package, we will account for them as a single arrangement and allocate the consideration for the combined contracts among the performance obligations accordingly. Standalone selling price : When available, we use directly observable transactions to determine the standalone selling prices for performance obligations. Generally, directly observable data is not available for term licenses and maintenance. When term licenses are sold together with maintenance in a bundled arrangement, we estimate a standalone selling price for these distinct performance obligations using relevant information, including our overall pricing objectives and strategies and historical pricing data, and taking into consideration market conditions and other factors. Other policies and judgments Payment terms and conditions vary by contract type, although terms generally include a requirement of payment annually over the term of the license arrangement. Therefore, we generally receive payment from a customer after the performance obligation related to the license has been satisfied, and therefore, our contracts generally contain a significant financing component. The significant financing component is calculated utilizing an interest rate that derives the net present value of the performance obligations delivered on an upfront basis based on the allocation of consideration. We have instituted a customer portfolio approach in assigning interest rates. The rates are determined at contract inception and are based on the credit characteristics of the customers within each portfolio. Contract modifications We sometimes enter into agreements to modify previously executed contracts, which constitute contract modifications. We assess each of these contract modifications to determine (i) if the additional products and services are distinct from the products and services in the original arrangement; and (ii) if the amount of consideration expected for the added products and services reflects the stand-alone selling price of those products and services, as adjusted for contract-specific circumstances. A contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria is considered a change to the original contract and is accounted for on either (i) a prospective basis as a termination of the existing contract and the creation of a new contract; or (ii) a cumulative catch-up basis. Generally, our contract modifications meet both criteria and are accounted for as a separate contract, as adjusted for contract-specific circumstances. Disaggregation of Revenue We disaggregate our revenue by region, type of performance obligation, timing of revenue recognition, and segment as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Revenue by region: United States $ 219,967 $ 207,266 $ 158,761 Europe 155,543 126,862 166,133 Other (1) 222,835 184,731 169,533 $ 598,345 $ 518,859 $ 494,427 Revenue by type of performance obligation: License $ 404,122 $ 326,549 $ 307,259 Maintenance 165,436 161,065 157,012 Services and other 28,787 31,245 30,156 $ 598,345 $ 518,859 $ 494,427 Revenue by segment: Subscription and software $ 569,558 $ 487,614 $ 464,271 Services and other 28,787 31,245 30,156 $ 598,345 $ 518,859 $ 494,427 ____________________________________________ (1) Other consists primarily of Asia Pacific, Canada, Latin America and the Middle East. Contract Balances The difference in the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance and the customer’s payment. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We recognize deferred revenue when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services. Our contract assets and deferred revenue were as follows as of June 30, 2019 and 2018 : June 30, 2019 June 30, 2018 As Restated (Dollars in Thousands) Contract assets $ 619,703 $ 557,377 Deferred revenue (44,891 ) (27,504 ) $ 574,812 $ 529,873 Contract assets and deferred revenue are presented net at the contract level for each reporting period. The change in deferred revenue during fiscal 2019 was primarily due to an increase in new billings in advance of revenue recognition, partially offset by $14.0 million of revenue recognized that was included in deferred revenue at June 30, 2018 . Contract Costs We pay commissions for new product sales as well as for renewals of existing contracts. Commissions paid to obtain renewal contracts are not commensurate with the commissions paid for new product sales and therefore, a portion of the commissions paid for new contracts relate to future renewals. We account for new product sales commissions using a portfolio approach and allocate the cost of commissions in proportion to the allocation of transaction price of license and maintenance performance obligations, including assumed renewals. Commissions allocated to the license and license renewal components are expensed at the time the license revenue is recognized. Commissions allocated to maintenance are capitalized and amortized on a straight-line basis over a period of four years to eight years for new contracts, reflecting our estimate of the expected period that we will benefit from those commissions. Amortization of capitalized contract costs is included in sales and marketing expenses in our Consolidated Statement of Operations. Transaction Price Allocated to Remaining Performance Obligations The following table includes the aggregate amount of the transaction price allocated as of June 30, 2019 to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period: Year Ended June 30, 2020 2021 2022 2023 2024 Thereafter (Dollars in Thousands) License $ 47,869 $ 31,944 $ 9,820 $ 3,575 $ 1,559 $ 721 Maintenance 193,348 144,734 101,127 64,286 37,613 14,847 Services and other 43,679 646 594 345 74 16 Impact to Prior Period Information The following table presents the effect of the adoption of Topic 606 on select consolidated statements of operations line items for fiscal 2018 and 2017 : Year Ended June 30, 2018 As Previously Reported Adjustments As Adjusted (Dollars in Thousands, Except per Share Data) Consolidated Statements of Operations : License revenue $ — $ 326,549 $ 326,549 Maintenance revenue — 161,065 161,065 Subscription and software revenue 471,041 (471,041 ) — Services and other revenue 28,473 2,772 31,245 Total revenue 499,514 19,345 518,859 Gross profit 448,870 19,345 468,215 Selling and marketing expense 101,077 (1,340 ) 99,737 General and administrative expense 56,076 11,105 67,181 Total operating expenses 239,229 9,765 248,994 Income from operations 209,641 9,580 219,221 Interest income 231 24,723 24,954 Provision for (benefit from) income taxes 54,655 (110,712 ) (56,057 ) Net income $ 148,688 $ 145,015 $ 293,703 Net income per common share: Basic $ 2.06 $ 4.07 Diluted $ 2.04 $ 4.03 Weighted average shares outstanding: Basic 72,140 72,140 Diluted 72,956 72,956 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted (Dollars in Thousands, Except per Share Data) Consolidated Statements of Operations : License revenue $ — $ 307,259 $ 307,259 Maintenance revenue — 157,012 157,012 Subscription and software revenue 453,512 (453,512 ) — Services and other revenue 29,430 726 30,156 Total revenue 482,942 11,485 494,427 Gross profit 435,476 11,485 446,961 Selling and marketing expense 92,633 (656 ) 91,977 General and administrative expense 51,297 7,438 58,735 Total operating expenses 223,460 6,782 230,242 Income from operations 212,016 4,703 216,719 Interest income 808 22,134 22,942 Provision for income taxes 48,150 9,647 57,797 Net income $ 162,196 $ 17,190 $ 179,386 Net income per common share: Basic $ 2.12 $ 2.35 Diluted $ 2.11 $ 2.33 Weighted average shares outstanding: Basic 76,491 76,491 Diluted 76,978 76,978 The following table presents the effect of the adoption of Topic 606 on select consolidated balance sheet line items as of June 30, 2018: June 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands) Consolidated Balance Sheets : ASSETS Current contract assets $ — $ 237,537 $ 237,537 Contract costs — 20,500 20,500 Accounts receivable, net 21,910 19,900 41,810 Non-current contract assets — 319,840 319,840 Non-current deferred tax assets 11,090 (9,858 ) 1,232 Total assets 264,924 587,919 852,843 LIABILITIES AND STOCKHOLDERS’ EQUITY Current deferred revenue 286,845 (271,695 ) 15,150 Non-current deferred revenue 28,259 (15,905 ) 12,354 Deferred income taxes — 184,901 184,901 Other non-current liabilities 18,492 (1,424 ) 17,068 Retained earnings 305,208 692,042 997,250 Total liabilities and stockholders’ equity $ 264,924 $ 587,919 $ 852,843 The adoption of Topic 606 had no impact on our total cash flows or net cash provided by operating activities. The impacts of adoption resulted in offsetting shifts in cash flows throughout the components of net income and various changes in working capital balances. The following table presents the effect of the adoption of Topic 606 on select consolidated statement of cash flows line items for fiscal 2018 and 2017 : Year Ended June 30, 2018 As Previously Reported Adjustments As Adjusted (Dollars in Thousands) Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 148,688 $ 145,015 $ 293,703 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes 3,193 (113,501 ) (110,308 ) Changes in assets and liabilities: Contract assets — 3,640 3,640 Contract costs — (617 ) (617 ) Accounts receivable 4,327 (3,481 ) 846 Deferred revenue 13,700 (31,056 ) (17,356 ) Net cash provided by operating activities $ 206,936 $ — $ 206,936 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted (Dollars in Thousands) Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 162,196 $ 17,190 $ 179,386 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes (4,286 ) 9,559 5,273 Changes in assets and liabilities: Contract assets — (4,327 ) (4,327 ) Contract costs — (203 ) (203 ) Accounts receivable (7,480 ) (684 ) (8,164 ) Deferred revenue 18,477 (21,535 ) (3,058 ) Net cash provided by operating activities $ 182,386 $ — $ 182,386 As referenced in Item 9A, "Controls and Procedures," the previously issued unaudited consolidated financial statements in our quarterly reports on Form 10-Q for the quarters ended September 30, 2018, December 31, 2018 and March 31, 2019 have been restated in this Form 10-K. See Note 19, "Quarterly Financial Data (Unaudited)," to our Consolidated Financial Statements for the restated financial statements. |
Fair Value (Notes)
Fair Value (Notes) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value We determine fair value by utilizing a fair value hierarchy that ranks the quality and reliability of the information used in its determination. Fair values determined using “Level 1 inputs” utilize unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Fair values determined using “Level 2 inputs” utilize data points that are observable, such as quoted prices, interest rates and yield curves for similar assets and liabilities. Cash equivalents of $1.0 million and $5.0 million as of June 30, 2019 and June 30, 2018 , respectively, were reported at fair value utilizing quoted market prices in identical markets, or “Level 1 inputs.” Our cash equivalents consist of short-term money market instruments. Financial instruments not measured or recorded at fair value in the accompanying unaudited consolidated financial statements consist of accounts receivable, accounts payable and accrued liabilities. The estimated fair value of these financial instruments approximates their carrying value. The estimated fair value of the borrowings under the Credit Agreement (described below in Note 11, Credit Agreement) approximates its carrying value due to the floating interest rate. |
Accounts Receivable (Notes)
Accounts Receivable (Notes) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value [Abstract] | |
Financing Receivables [Text Block] | Accounts Receivable Our accounts receivable, net of the related allowance for doubtful accounts, were as follows as of June 30, 2019 and 2018 : June 30, June 30, As Restated (Dollars in Thousands) Accounts receivable, gross $ 51,133 $ 44,513 Allowance for doubtful accounts (3,349 ) (2,703 ) Accounts receivable, net $ 47,784 $ 41,810 As of June 30, 2019 , we had no customer receivable balances that individually represented 10% or more of our net accounts receivable. As of June 30, 2018 , we had one customer receivable balance that represented approximately 12% of our total receivables, and was collected subsequent to June 30, 2018 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property, equipment and leasehold improvements in the accompanying consolidated balance sheets consist of the following: Year Ended June 30, 2019 2018 (Dollars in Thousands) Property, equipment and leasehold improvements, at cost: Computer equipment $ 6,642 $ 8,344 Purchased software 22,793 24,225 Furniture & fixtures 6,794 6,850 Leasehold improvements 12,232 12,023 Property, equipment and leasehold improvements, at cost 48,461 51,442 Accumulated depreciation (41,227 ) (41,636 ) Property, equipment and leasehold improvements, net $ 7,234 $ 9,806 Property and equipment are stated at cost. We record depreciation using the straight-line method over their estimated useful lives, as follows: Asset Classification Estimated Useful Life Computer equipment 3 years Purchased software 3 - 5 years Furniture and fixtures 3 - 10 years Leasehold improvements Life of lease or asset, whichever is shorter During fiscal 2019 and 2018 , we wrote off fully depreciated property, equipment and leasehold improvements that were no longer in use with gross book values of $3.5 million and less than $0.1 million , respectively. Depreciation expense was $3.1 million , $3.9 million and $5.0 million for fiscal 2019 , 2018 and 2017 , respectively. We account for asset retirement obligations in accordance with ASC Topic 410, Asset Retirement and Environmental Obligations . Our asset retirement obligations relate to leasehold improvements for leased properties. The balance of our asset retirement obligations was $0.9 million as of June 30, 2019 and 2018 , respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Apex Optimisation On February 5, 2018, we completed the acquisition of all the outstanding shares of Apex Optimisation and affiliates (“Apex”), a provider of software which aligns Advanced Process Control with Planning and Scheduling to unify production optimization, for a total cash consideration of $23.0 million . The purchase price consisted of $18.4 million of cash paid at closing and an additional $4.6 million to be held back until February 2020 as security for certain representations, warranties, and obligations of the sellers. The holdback is recorded in accrued expenses and other current liabilities in our consolidated balance sheet. An allocation of the purchase price is as follows: Amount (Dollars in Thousands) Tangible assets acquired, net $ 360 Identifiable intangible assets: Technology-related 4,500 Customer relationships 3,800 Goodwill 15,959 Deferred tax liabilities (1,619 ) Total assets acquired, net $ 23,000 We used the relief from royalty and income approaches to derive the fair value of the technology-related and customer relationship intangible assets, respectively. The weighted-average discount rate (or rate of return) used to determine the value of the Apex intangible assets was 28% and the effective tax rate used was 21% . The technology-related and customer relationship intangible assets will each be amortized on a straight-line basis over their estimated useful lives of seven years . The goodwill, which is not deductible for tax purposes, reflects the value of the assembled workforce and the company-specific synergies we expect to realize by selling Apex products and services to our existing customers. The results of operations of Apex have been included prospectively in our results of operations since the date of acquisition. Sabisu Ltd. On June 12, 2019, we completed the acquisition of all the outstanding shares of Argent & Waugh Limited and Sabisu Ltd. (“Sabisu”), a provider of a flexible enterprise visualization and workflow solution to deliver real-time decision support, for a total cash consideration of $7.6 million . The purchase price consisted of $6.1 million of cash paid at closing and an additional $1.5 million to be held back until June 2021 as security for certain representations, warranties, and obligations of the sellers. The holdback is recorded in other non-current liabilities in our consolidated balance sheet. A preliminary allocation of the initial purchase price is as follows: Amount (Dollars in Thousands) Tangible assets acquired, net $ 355 Identifiable intangible assets: Technology-related 1,525 Customer relationships 1,525 Goodwill 4,783 Deferred tax liabilities (564 ) Total assets acquired, net $ 7,624 Mnubo, Inc. On July 12, 2019, we completed the acquisition of all the outstanding shares of Mnubo Inc. (“Mnubo”), a provider of purpose-built artificial intelligence and analytics infrastructure for the internet of things, for a total cash consideration of $78.0 million . We intend to account for the Mnubo acquisition as a business combination. The allocation of the purchase price is subject to the valuation of the net assets acquired. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets We include in our amortizable intangible assets those intangible assets acquired in our business and asset acquisitions. We amortize acquired intangible assets with finite lives over their estimated economic lives, generally using the straight-line method. Each period, we evaluate the estimated remaining useful lives of acquired intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization. Acquired intangibles are removed from the accounts when fully amortized and no longer in use. Intangible assets consist of the following as of June 30, 2019 and 2018 : Gross Carrying Amount Accumulated Amortization Effect of Currency Translation Net Carrying Amount (Dollars in Thousands) June 30, 2019: Technology and patents $ 37,168 $ (8,868 ) $ (118 ) $ 28,182 Customer relationships 6,503 (1,039 ) (100 ) 5,364 Non-compete agreements 553 (492 ) — 61 Total $ 44,224 $ (10,399 ) $ (218 ) $ 33,607 June 30, 2018: Technology and patents $ 35,898 $ (5,182 ) $ (254 ) $ 30,462 Customer relationships 5,181 (377 ) (202 ) 4,602 Non-compete agreements 553 (307 ) — 246 Total $ 41,632 $ (5,866 ) $ (456 ) $ 35,310 Total amortization expense related to intangible assets amounted to $4.5 million , $2.2 million and $1.0 million in fiscal 2019 , 2018 and 2017 , respectively. Future amortization expense as of June 30, 2019 is expected to be as follows: Year Ended June 30, Amortization Expense (Dollars in Thousands) 2020 $ 5,120 2021 5,165 2022 5,104 2023 5,019 2024 4,326 Thereafter 8,873 Total $ 33,607 |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The changes in the carrying amount of goodwill for our subscription and software reporting unit during fiscal years ending June 30, 2019 and 2018 were as follows: Gross Carrying Amount Accumulated Impairment Losses Effect of Currency Translation Net Carrying Amount June 30, 2018: $ 142,316 $ (65,569 ) $ (1,157 ) $ 75,590 Goodwill from acquisitions, net of adjustments 3,256 — — 3,256 Foreign currency translation — — (463 ) (463 ) June 30, 2019: $ 145,572 $ (65,569 ) $ (1,620 ) $ 78,383 Gross Carrying Amount Accumulated Impairment Losses Effect of Currency Translation Net Carrying Amount June 30, 2017: $ 116,833 $ (65,569 ) $ (16 ) $ 51,248 Goodwill from acquisitions, net of adjustments 25,483 — — 25,483 Foreign currency translation — — (1,141 ) (1,141 ) June 30, 2018: $ 142,316 $ (65,569 ) $ (1,157 ) $ 75,590 We test goodwill for impairment annually (or more often if impairment indicators arise), at the reporting unit level. We first assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine based on this assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform the goodwill impairment test. The first step requires us to determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill, of such reporting unit. If the fair value exceeds the carrying amount, no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, the goodwill of the unit is impaired. Fair value of a reporting unit is determined using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows). In applying the income-based approach, we would be required to make assumptions about the amount and timing of future expected cash flows, growth rates and appropriate discount rates. The amount and timing of future cash flows would be based on our most recent long-term financial projections. The discount rate we would utilize would be determined using estimates of market participant risk-adjusted weighted-average costs of capital and reflect the risks associated with achieving future cash flows. We have elected December 31st as the annual impairment assessment date and perform additional impairment tests if triggering events occur. We performed our annual impairment test for the subscription and software reporting unit as of December 31, 2018 and, based upon the results of our qualitative assessment, determined that it was not likely that its fair value was less than its carrying amount. As such, we did no t recognize impairment losses as a result of our analysis. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value, goodwill will be evaluated for impairment between annual tests. No triggering events indicating goodwill impairment occurred during fiscal 2019 , 2018 and 2017 . |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other current liabilities in the accompanying consolidated balance sheets consist of the following: June 30, June 30, (Dollars in Thousands) Compensation-related $ 27,147 $ 21,796 Deferred acquisition payments 4,600 1,700 Uncertain tax positions 3,751 — Royalties and outside commissions 3,665 3,333 Share repurchases 2,432 1,646 Professional fees 3,053 1,695 Deferred rent 1,331 1,188 Other 8,615 8,157 Total accrued expenses and other current liabilities $ 54,594 $ 39,515 Other non-current liabilities in the accompanying consolidated balance sheets consist of the following: June 30, June 30, As Adjusted (Dollars in Thousands) Deferred rent $ 5,187 $ 6,442 Uncertain tax positions 2,274 4,510 Deferred acquisition payments 1,524 4,294 Asset retirement obligations 914 916 Other 482 906 Total other non-current liabilities $ 10,381 $ 17,068 |
Credit Agreement
Credit Agreement | 12 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Credit Agreement On February 26, 2016, we entered into a $250.0 million Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, Silicon Valley Bank, as syndication agent, and the lenders and other parties named therein (the “Lenders”). On August 9, 2017, we entered into an Amendment to increase the Credit Agreement to $350.0 million . The indebtedness evidenced by the Credit Agreement matures on February 26, 2021. Prior to the maturity of the Credit Agreement, any amounts borrowed may be repaid and, subject to the terms and conditions of the Credit Agreement, borrowed again in whole or in part without penalty. We had $220.0 million and $170.0 million in outstanding borrowings under the Credit Agreement as of June 30, 2019 and 2018 , respectively. Borrowings under the Credit Agreement bear interest at a rate equal to either, at our option, the sum of (a) the highest of (1) the rate of interest publicly announced by JPMorgan Chase Bank, N.A. as its prime rate in effect, (2) the Federal Funds Effective Rate plus 0.5% , and (3) the one-month Adjusted LIBO Rate plus 1.0% , plus (b) a margin initially of 0.5% for the first full fiscal quarter ending after the date of the Credit Agreement and thereafter based on our Leverage Ratio; or the Adjusted LIBO Rate plus a margin initially of 1.5% for the first full fiscal quarter ending after the date of the Credit Agreement and thereafter based on our Leverage Ratio. We must also pay, on a quarterly basis, an unused commitment fee at a rate of between 0.2% and 0.3% per annum, based on our Leverage Ratio. The interest rates as of June 30, 2019 were 3.91% on $159.0 million of our outstanding borrowings and 3.94% on the remaining $61.0 million of our outstanding borrowings. All borrowings under the Credit Agreement are secured by liens on substantially all of our assets. The Credit Agreement contains affirmative and negative covenants customary for facilities of this type, including restrictions on: incurrence of additional debt; liens; fundamental changes; asset sales; restricted payments; and transactions with affiliates. The Credit Agreement contains financial covenants regarding maintenance as of the end of each fiscal quarter, commencing with the quarter ending June 30, 2016, of a maximum Leverage Ratio of 3.0 to 1.0 and a minimum Interest Coverage Ratio of 3.0 to 1.0. We were in compliance with all covenants as of June 30, 2019 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Compensation Plans In December 2016, the shareholders approved the establishment of the 2016 Omnibus Incentive Plan (the 2016 Plan), which provides for the issuance of a maximum of 6,000,000 shares of common stock. The 2016 Plan provides for the grant of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-related awards, and performance awards that may be settled in cash, stock, or other property. As of June 30, 2019 , there were 5,617,627 shares of common stock available for issuance subject to awards under the 2016 Plan. In April 2010, the shareholders approved the establishment of the 2010 Equity Incentive Plan (the 2010 Plan), which provides for the issuance of a maximum of 7,000,000 shares of common stock. The 2010 Plan provides for the grant of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-related awards, and performance awards that may be settled in cash, stock, or other property. As of June 30, 2019 , there were 1,945,234 shares of common stock available for issuance subject to awards under the 2010 Plan. Employee Stock Purchase Plan On July 26, 2018, our Board of Directors approved the Aspen Technology, Inc. 2018 Employee Stock Purchase Plan (the "ESPP"), which provides for the issuance of up to 250,000 shares of common stock to participating employees. The ESPP is intended to be a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, or the IRC. The ESPP was approved at our Annual Meeting of Stockholders on December 7, 2018. The ESPP currently provides for a purchase price equal to 85% of the lower of (a) the fair market value of the common stock on the first trading day of each ESPP offering period and (b) the fair market value of the common stock on the last day of the offering period. Our initial offering period was for January 1, 2019 through June 30, 2019. During the six months ended June 30, 2019 , we recorded stock-based compensation expense of approximately $0.3 million associated with the ESPP. As a result of employee stock purchases during fiscal 2019 , we issued 13,039 shares of common stock. The aggregate intrinsic value of shares issued under the ESPP during fiscal 2019 was $0.9 million . As of June 30, 2019 , there were 236,961 shares of common stock available for issuance under the ESPP. General Award Terms We issue stock options and restricted stock units (RSUs) to our employees and outside directors, pursuant to shareholder-approved equity compensation plans. Option awards are granted with an exercise price equal to the market closing price of our stock on the trading day prior to the grant date. Those options generally vest over four years and expire within 7 or 10 years of grant. RSUs generally vest over four years . Historically, our practice has been to settle stock option exercises and RSU vesting through newly-issued shares. Stock Compensation Accounting Our stock-based compensation is accounted for as awards of equity instruments. Our policy is to issue new shares upon the exercise of stock awards. We utilize the Black-Scholes option valuation model for estimating the fair value of options granted. The Black-Scholes option valuation model incorporates assumptions regarding expected stock price volatility, the expected life of the option, the risk-free interest rate, dividend yield and the market value of our common stock. The expected stock price volatility is determined based on our stock's historic prices over a period commensurate with the expected life of the award. The expected life of an option represents the period for which options are expected to be outstanding as determined by historic option exercises and cancellations. The risk-free interest rate is based on the U.S. Treasury yield curve for notes with terms approximating the expected life of the options granted. The expected dividend yield is zero , based on our history and expectation of not paying dividends on common shares. We recognize compensation costs on a straight-line basis, net of forfeitures, over the requisite service period for time-vested awards. The weighted average estimated fair value of option awards granted during fiscal 2019 , 2018 and 2017 was $31.25 , $17.07 , and $13.16 , respectively. We utilized the Black-Scholes option valuation model with the following weighted average assumptions: Year Ended June 30, 2019 2018 2017 Risk-free interest rate 2.8 % 1.7 % 1.2 % Expected dividend yield None None None Expected life (in years) 4.6 4.6 4.6 Expected volatility factor 26.6 % 28.0 % 31.3 % The stock-based compensation expense and its classification in the accompanying consolidated statements of operations for fiscal 2019 , 2018 and 2017 was as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Recorded as expenses: Cost of maintenance $ 1,282 $ 559 $ 564 Cost of service and other 1,420 920 913 Selling and marketing 4,849 3,862 3,652 Research and development 6,923 7,617 5,806 General and administrative 13,099 9,730 7,865 Total stock-based compensation $ 27,573 $ 22,688 $ 18,800 A summary of stock option and RSU activity under all equity plans in fiscal 2019 is as follows: Stock Options Restricted Stock Units Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in 000's) Shares Weighted Average Grant Date Fair Value Outstanding at June 30, 2018 1,369,442 $ 45.93 7.23 $ 64,103 621,700 $ 53.64 Granted 282,798 113.88 645,146 114.72 Settled (RSUs) (392,364 ) 60.51 Exercised (252,975 ) 39.24 Cancelled / Forfeited (95,248 ) 68.25 (80,764 ) 68.58 Outstanding at June 30, 2019 1,304,017 $ 60.33 6.94 $ 83,388 793,718 $ 98.38 Exercisable at June 30, 2019 842,746 $ 48.81 6.11 $ 63,598 Vested and expected to vest at June 30, 2019 1,249,802 $ 59.52 6.87 $ 80,935 748,240 $ 99.36 During fiscal 2019 , 2018 and 2017 , the weighted average grant-date fair value of RSUs granted was $114.72 , $64.32 and $46.59 , respectively. During fiscal 2019 , 2018 and 2017 the total fair value of vested shares from RSU grants amounted to $39.9 million , $23.0 million and $16.6 million , respectively. As of June 30, 2019 , the total future unrecognized compensation cost related to stock options and RSUs was $8.4 million and $26.2 million , respectively, and are expected to be recorded over a weighted average period of 2.47 years and 2.44 years , respectively. During fiscal 2019 , 2018 and 2017 the weighted average exercise price of stock options granted was $113.88 , $64.30 and $46.31 . The total intrinsic value of options exercised during fiscal 2019 , 2018 and 2017 was $18.2 million , $15.1 million and $7.9 million , respectively. We received $10.9 million , $13.5 million and $9.3 million in cash proceeds from issuances of shares of common stock during fiscal 2019 , 2018 and 2017 , respectively. We paid $14.7 million , $8.1 million and $5.8 million for withholding taxes on vested RSUs during fiscal 2019 , 2018 and 2017 , respectively. At June 30, 2019 , common stock reserved for future issuance or settlement under equity compensation plans was 9.7 million shares. Performance Awards During fiscal 2019 , we granted performance-based long-term incentive awards (“performance awards”) to certain of our executives, including our named executive officers. The performance period for each performance award is either of the following two-year periods: (i) fiscal year 2019 - fiscal year 2020, or (ii) fiscal year 2020 - fiscal year 2021. Participants receive RSUs on the grant date associated with achievement of all performance targets. The performance targets for the performance awards are based on meeting double digit growth in annual spend, defined as an estimate of the annualized value of our portfolio of term license arrangements, as of a specific date, and the performance goals set out in the executive bonus plan for each fiscal year, such as free cash flow. If the performance targets are met during one of the two performance periods and the participant remains actively employed by us, the RSUs convert to time-based vesting wherein fifty percent of the awards immediately vest, and the remaining fifty percent are subject to additional service vesting over a three-year period. In general, if the performance targets are not met, or if the participant is no longer actively employed by us prior to the performance targets being met, the participant forfeits all of the RSUs. We record compensation expense for the performance awards based on the fair value of the awards, in an amount proportionate to the service time rendered by the participant, when it is probable that the achievement of the goals will be met. The total fair value of the performance awards granted during fiscal 2019 was estimated using the closing price on the date of grant as well as the estimated probable achievement levels of the performance metrics. If the performance-based conditions are not met, no compensation cost is recognized and any recognized compensation cost is reversed. During fiscal 2019 , we granted 382,373 RSUs in connection with the performance awards. As of June 30, 2019 , all of the RSUs issued in connection with the performance awards were unvested and outstanding. No compensation expense was recognized during fiscal 2019 . On August 2, 2019, 60,680 RSUs in connection with the performance awards were forfeited associated with the departure of an executive. |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Common Stock | Common Stock On January 22, 2015, our Board of Directors approved a share repurchase program (the "Share Repurchase Program") for up to $450.0 million worth of our common stock. On April 26, 2016, June 8, 2017, April 18, 2018, December 6, 2018, and April 17, 2019, the Board of Directors approved a $400.0 million , $200.0 million , $200.0 million , $100.0 million , and $200.0 million increase in the Share Repurchase Program, respectively. The timing and amount of any shares repurchased are based on market conditions and other factors. All shares of our common stock repurchased have been recorded as treasury stock under the cost method. During fiscal 2019 , we repurchased 3,074,127 shares of our common stock in the open market for $300.0 million . During fiscal 2018 , we repurchased 2,797,623 shares of our common stock in the open market for $200.0 million . During fiscal 2017 , we repurchased 5,185,257 shares of our common stock in the open market for $275.0 million and 2,106,709 shares of our common stock for $100.0 million as part of an accelerated share repurchase program. As of June 30, 2019 , the remaining dollar value under the Share Repurchase Program was $346.3 million . |
Net Income Per Share (Notes)
Net Income Per Share (Notes) | 12 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Text Block] | Net Income Per Share Basic income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted net income per share based on the treasury stock method. The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the years ended June 30, 2019 , 2018 and 2017 are as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars and Shares in Thousands, Except per Share Data) Net income $ 262,734 $ 293,703 $ 179,386 Weighted average shares outstanding 69,925 72,140 76,491 Dilutive impact from: Employee equity awards 862 816 487 Dilutive weighted average shares outstanding 70,787 72,956 76,978 Income per share Basic $ 3.76 $ 4.07 $ 2.35 Dilutive $ 3.71 $ 4.03 $ 2.33 For the years ended June 30, 2019 , 2018 and 2017 , certain employee equity awards were anti-dilutive based on the treasury stock method. The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of the balance sheet date: Year Ended June 30, 2019 2018 2017 (Shares in Thousands) Employee equity awards 784 419 525 Included in the table above are options to purchase 245,252 shares of our common stock as of June 30, 2019 which were not included in the computation of dilutive weighted average shares outstanding, because their exercise prices ranged from $103.19 per share to $123.56 per share and were greater than the average market price of our common stock during the period then ended. These options were outstanding as of June 30, 2019 and expire at various dates through June 23, 2029. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before provision for income taxes consists of the following: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Domestic $ 298,665 $ 229,745 $ 228,890 Foreign 4,525 7,901 8,293 Income before provision for income taxes $ 303,190 $ 237,646 $ 237,183 The provision for income taxes shown in the accompanying consolidated statements of operations is composed of the following: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Federal— Current $ 64,194 $ 47,734 $ 69,385 Deferred (26,983 ) (108,867 ) (13,110 ) State— Current 3,246 1,471 1,737 Deferred (1,026 ) 1,042 (771 ) Foreign— Current 1,549 2,296 2,067 Deferred (524 ) 267 (1,511 ) $ 40,456 $ (56,057 ) $ 57,797 On December 22, 2017, the President of the United States signed into law Public Law No. 115-97, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), following its passage by the United States Congress. The Tax Act made significant changes to U.S. federal income tax laws, including reduction of the corporate tax rate from 35.0% to 21.0% , and the implementation of a territorial tax system resulting in a one-time transition tax on the unremitted earnings of our foreign subsidiaries. The Tax Act also contains additional provisions that are effective for us in fiscal year 2019, including a new deduction for Foreign-Derived Intangible Income (“FDII”), the repeal of the domestic production activity deduction, a new tax on Global Intangible Low-Taxed Income (“GILTI”), and increased limitations on the deductibility of certain executive compensation. Our tax expense for fiscal 2019 was favorably impacted primarily by FDII deduction which reduced our effective tax rate by approximately 6.7% , the recognition of excess tax benefits related to stock-based compensation and the lower U.S. statutory tax rate of 21.0% as the result of the enactment of the Tax Act. The provision for income taxes differs from that based on the federal statutory rate due to the following: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Federal tax provision at statutory rate $ 63,670 $ 66,683 $ 83,014 State income taxes 1,540 1,503 1,167 Remeasurement of deferred taxes — (115,536 ) — Foreign-derived intangible income (FDII) (20,326 ) — — Global intangible low-taxed income (GILTI) 797 — — Effect of foreign operations 7,395 4,700 2,912 Foreign taxes and rate differences 514 (164 ) (206 ) Stock-based compensation (3,774 ) (2,951 ) 991 Tax credits (9,677 ) (7,913 ) (6,614 ) Uncertain tax positions 1,055 (185 ) (19,645 ) Return to provision adjustments (482 ) (488 ) 464 Domestic production activity deduction — (4,869 ) (6,261 ) Valuation allowance (550 ) 2,326 1,522 Other 294 837 453 Provision for income taxes $ 40,456 $ (56,057 ) $ 57,797 Net deferred tax liabilities consist of the following at June 30, 2019 and 2018 : Year Ended June 30, 2019 2018 As Restated (Dollars in Thousands) Deferred tax assets: Federal and state credits $ 4,055 $ 4,363 Capital loss carryforwards — 4,856 Net operating loss carryforwards 906 1,452 Deferred revenue 5,252 3,163 Other reserves and accruals 6,082 6,550 Intangible assets 1,020 1,015 Property, leasehold improvements, and other basis differences 1,433 1,646 Other temporary differences 453 450 19,201 23,495 Deferred tax liabilities: Contract assets and costs (156,346 ) (121,631 ) Deferred revenue (8,610 ) (68,546 ) Intangible assets (5,635 ) (5,231 ) Property, leasehold improvements, and other basis differences (1,146 ) (1,340 ) (171,737 ) (196,748 ) Valuation allowance (4,866 ) (10,416 ) Net deferred tax liabilities $ (157,402 ) $ (183,669 ) Reflected in the deferred tax assets above at June 30, 2019 , we have foreign net operating loss carryforwards of $0.9 million , some of which will expire beginning in 2019 and others with unlimited carryforwards, and state research and development credits of $4.0 million which begin to expire in 2025. We adopted ASU No. 2016-09 effective July 1, 2017. As a result of adopting the new standard, excess tax benefits from stock-based compensation are now reflected in the consolidated statements of operations as a component of the provision for income taxes, whereas they were previously a component of stockholders’ equity. The adoption of ASU No. 2016-09 resulted in a decrease in our provision for income taxes of $3.8 million and $3.0 million during fiscal 2019 and 2018 , respectively. This represents a decrease in our effective tax rate of approximately one percentage point during fiscal 2019 and 2018 , respectively, due to the recognition of excess tax benefits for options exercised and the vesting of equity awards. Our valuation allowance for deferred tax assets was $4.9 million and $10.4 million as of June 30, 2019 and 2018 respectively. The most significant portion of the valuation allowance as of June 30, 2019 is attributable to a reserve against state R&D tax credits of $3.9 million . There was a decrease in the valuation allowance of $4.8 million during fiscal 2019 related to a capital loss expiring that had no impact on our tax provision. For fiscal 2019 , our income tax provision included amounts determined under the provisions of ASC 740 intended to satisfy additional income tax assessments, including interest and penalties, that could result from any tax return positions for which the likelihood of sustaining the position on audit does not meet a threshold of "more likely than not." Tax liabilities were recorded as a component of our income taxes payable and other non-current liabilities. The ultimate amount of taxes due will not be known until examinations are completed and settled or the audit periods are closed by statutes. A reconciliation of the reserve for uncertain tax positions is as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Uncertain tax positions, beginning of year $ 3,931 $ 3,921 $ 23,535 Gross increases (decreases) —tax positions in prior period 407 544 (19,116 ) Gross increases—tax positions in current period 1,789 — — Gross decreases—lapse of statutes (740 ) (637 ) (830 ) Currency translation adjustment (7 ) 103 332 Uncertain tax positions, end of year $ 5,380 $ 3,931 $ 3,921 At June 30, 2019 , the total amount of unrecognized tax benefits is $5.4 million . Upon being recognized, the amount would reduce the effective tax rate. Our policy is to recognize interest and penalties related to income tax matters as provision for (benefit from) income taxes. At June 30, 2019 , we had approximately $0.5 million of accrued interest and $0.1 million of penalties related to uncertain tax positions. We recorded a benefit for interest and penalties of approximately $0.1 million during fiscal 2019 . We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 2008 to 2017, some of which are currently under audit by local tax authorities. The resolutions of these audits are not expected to be material to our consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases We lease certain facilities and various office equipment under non-cancellable operating leases with terms in excess of one year. Rental expense, including short term leases, maintenance charges and taxes on leased facilities, was approximately $8.3 million , $8.2 million and $8.4 million for fiscal years 2019 , 2018 and 2017 , respectively. Future minimum lease payments under these leases as of June 30, 2019 are as follows: Year Ended June 30, Operating Leases (Dollars in Thousands) 2020 $ 8,399 2021 7,820 2022 6,514 2023 5,862 2024 4,932 Thereafter 3,307 Total $ 36,834 Letters of Credit Standby letters of credit for $3.9 million secure our performance on professional services contracts and certain facility leases. The letters of credit expire at various dates through fiscal 2025. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jun. 30, 2019 | |
Defined Contribution Plan [Abstract] | |
Retirement and Profit Sharing Plans | Retirement Plans We maintain a defined contribution retirement plan under Section 401(k) of the Internal Revenue Code (IRC) covering all eligible employees, as defined. Under the plan, a participant may elect to defer receipt of a stated percentage of his or her compensation, subject to limitation under the IRC, which would otherwise be payable to the participant for any plan year. We may make discretionary contributions to this plan, including making matching contributions of 50% , up to a maximum of 6% of an employee's pretax contribution. We made matching contributions of approximately $2.6 million , $2.7 million and $2.5 million in fiscal 2019 , 2018 and 2017 , respectively. Additionally, we participate in certain government mandated and defined contribution plans throughout the world for which we comply with all funding requirements. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and to assess performance. Our chief operating decision maker is our President and Chief Executive Officer. We have two operating and reportable segments, which are consistent with our reporting units: i) subscription and software and ii) services and other. The subscription and software segment is engaged in the licensing of process optimization and asset performance management software solutions and associated support services, and includes our license and maintenance revenue. The services and other segment includes professional services and training, and includes our services and other revenue. We do not track assets or capital expenditures by operating segments. Consequently, it is not practical to present assets, capital expenditures, depreciation or amortization by operating segments The following table presents a summary of our reportable segments' profits: Subscription and Software Services and Other Total (Dollars in Thousands) Year Ended June 30, 2019: Segment revenue $ 569,558 $ 28,787 $ 598,345 Segment expenses(1) (220,764 ) (31,548 ) (252,312 ) Segment profit $ 348,794 $ (2,761 ) $ 346,033 Year Ended June 30, 2018, As Adjusted: Segment revenue $ 487,614 $ 31,245 $ 518,859 Segment expenses(1) (204,457 ) (28,000 ) (232,457 ) Segment profit $ 283,157 $ 3,245 $ 286,402 Year Ended June 30, 2017, As Adjusted: Segment revenue $ 464,271 $ 30,156 $ 494,427 Segment expenses(1) (192,559 ) (26,414 ) (218,973 ) Segment profit $ 271,712 $ 3,742 $ 275,454 ____________________________________________ (1) Our reportable segments’ operating expenses include expenses directly attributable to the segments. Segment expenses include selling and marketing and research and development expenses. Segment expenses do not include allocations of general and administrative expense; interest income, net; and other (expense), net. Reconciliation to Income Before Income Taxes The following table presents a reconciliation of total segment operating profit to income before provision for income taxes: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Total segment profit for reportable segments $ 346,033 $ 286,402 $ 275,454 General and administrative (63,231 ) (67,181 ) (58,735 ) Interest income 28,457 24,954 22,942 Interest (expense) (8,733 ) (5,691 ) (3,787 ) Other (expense) income, net 664 (838 ) 1,309 Income before income taxes $ 303,190 $ 237,646 $ 237,183 Geographic Information: We have long-lived assets of approximately $79.0 million that are located domestically and $44.5 million that reside in other geographic locations as of June 30, 2019 . We had long-lived assets of approximately $93.9 million that were located domestically and $39.8 million that reside in other geographic locations as of June 30, 2018 . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following tables present quarterly consolidated statement of operations data for fiscal 2019 and 2018 . The below data is unaudited but, in our opinion, reflects all adjustments necessary for a fair presentation of this data in accordance with GAAP: Three Months Ended June 30, March 31, December 31, 2018 September 30, (Dollars and Shares in Thousands, Except per Share Data) Total revenue $ 195,769 $ 147,984 $ 140,423 $ 114,169 Gross profit 180,279 133,624 125,684 100,942 Income from operations 111,223 70,831 63,758 36,990 Net income 103,865 61,587 59,217 38,066 Net income per common share: Basic $ 1.51 $ 0.89 $ 0.84 $ 0.54 Diluted $ 1.49 $ 0.88 $ 0.83 $ 0.53 Weighted average shares outstanding: Basic 68,839 69,423 70,428 70,988 Diluted 69,638 70,160 71,148 72,015 Three Months Ended June 30, March 31, December 31, 2017 September 30, As Adjusted (Dollars and Shares in Thousands, Except per Share Data) Total revenue $ 159,084 $ 127,759 $ 105,529 $ 126,487 Gross profit 146,037 114,983 93,440 113,755 Income from operations 79,784 53,620 30,104 55,714 Net income 76,646 44,506 132,030 40,521 Net income per common share: Basic $ 1.07 $ 0.62 $ 1.83 $ 0.55 Diluted $ 1.06 $ 0.61 $ 1.81 $ 0.55 Weighted average shares outstanding: Basic 71,349 71,828 72,342 73,024 Diluted 72,315 72,663 73,036 73,609 Restatement of the Fiscal 2019 Unaudited Quarterly Financial Statements As previously described in our Current Report on Form 8-K filed on September 10, 2019, we concluded that our unaudited interim financial statements previously issued for the quarterly and year-to-date periods ended September 30, 2018, December 31, 2018 and March 31, 2019 should not be relied upon due to errors identified in such financial statements related to the contract asset balances recorded upon the adoption of Topic 606 and the related impact to deferred tax liabilities, as well as the classification of contract cost assets and related deferred tax assets and liabilities on the consolidated balance sheets. The following summarizes the errors corrected in the restatement of the unaudited quarterly financial statements. ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 96,165 $ — $ 96,165 Accounts receivable, net 41,810 — 41,810 Current contract assets 304,378 (66,841 ) 237,537 Current contract costs 20,500 (20,500 ) — Prepaid expenses and other current assets 10,509 — 10,509 Prepaid income taxes 2,601 — 2,601 Total current assets 475,963 (87,341 ) 388,622 Property, equipment and leasehold improvements, net 9,806 — 9,806 Computer software development costs, net 646 — 646 Goodwill 75,590 — 75,590 Intangible assets, net 35,310 — 35,310 Non-current contract assets 340,622 (20,782 ) 319,840 Non-current contract costs — 20,500 20,500 Non-current deferred tax assets 11,090 (9,858 ) 1,232 Other non-current assets 1,297 — 1,297 Total assets $ 950,324 $ (97,481 ) $ 852,843 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,230 $ — $ 4,230 Accrued expenses and other current liabilities 39,515 — 39,515 Income taxes payable 1,698 — 1,698 Borrowings under credit agreement 170,000 — 170,000 Current deferred revenue 15,150 — 15,150 Total current liabilities 230,593 — 230,593 Non-current deferred revenue 12,354 — 12,354 Deferred income taxes 214,125 (29,224 ) 184,901 Other non-current liabilities 17,068 — 17,068 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2018 and 2017 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,313 — 10,313 Additional paid-in capital 715,475 — 715,475 Retained earnings 1,065,507 (68,257 ) 997,250 Accumulated other comprehensive income 1,388 — 1,388 Treasury stock, at cost— 31,943,599 shares of common stock at June 30, 2018 and 29,145,976 shares at June 30, 2017 (1,316,499 ) — (1,316,499 ) Total stockholders' equity 476,184 (68,257 ) 407,927 Total liabilities and stockholders' equity $ 950,324 $ (97,481 ) $ 852,843 ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 52,048 $ — $ 52,048 Accounts receivable, net 53,999 (3,653 ) 50,346 Current contract assets 317,967 (79,472 ) 238,495 Current contract costs 21,296 (21,296 ) — Prepaid expenses and other current assets 12,992 — 12,992 Prepaid income taxes 1,422 — 1,422 Total current assets 459,724 (104,421 ) 355,303 Property, equipment and leasehold improvements, net 9,006 — 9,006 Computer software development costs, net 695 — 695 Goodwill 75,649 — 75,649 Intangible assets, net 34,192 — 34,192 Non-current contract assets 357,947 (4,498 ) 353,449 Non-current contract costs — 21,296 21,296 Non-current deferred tax assets 1,176 — 1,176 Other non-current assets 1,279 — 1,279 Total assets $ 939,668 $ (87,623 ) $ 852,045 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,501 $ — $ 2,501 Accrued expenses and other current liabilities 32,000 — 32,000 Income taxes payable 46,869 — 46,869 Borrowings under credit agreement 170,000 — 170,000 Current deferred revenue 23,737 — 23,737 Total current liabilities 275,107 — 275,107 Non-current deferred revenue 15,046 — 15,046 Deferred income taxes 159,563 (19,366 ) 140,197 Other non-current liabilities 16,833 — 16,833 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of September 30, 2018 and June 30, 2018 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,328 — 10,328 Additional paid-in capital 724,752 — 724,752 Retained earnings 1,103,573 (68,257 ) 1,035,316 Accumulated other comprehensive income 965 — 965 Treasury stock, at cost— 32,416,975 shares of common stock at September 30, 2018 and 31,943,599 shares at June 30, 2018 (1,366,499 ) — (1,366,499 ) Total stockholders' equity 473,119 (68,257 ) 404,862 Total liabilities and stockholders' equity $ 939,668 $ (87,623 ) $ 852,045 ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 54,428 $ — $ 54,428 Accounts receivable, net 56,586 (3,653 ) 52,933 Current contract assets 321,135 (55,449 ) 265,686 Current contract costs 23,046 (23,046 ) — Prepaid expenses and other current assets 10,330 — 10,330 Prepaid income taxes 921 — 921 Total current assets 466,446 (82,148 ) 384,298 Property, equipment and leasehold improvements, net 8,311 — 8,311 Computer software development costs, net 691 — 691 Goodwill 74,802 — 74,802 Intangible assets, net 32,889 — 32,889 Non-current contract assets 366,581 (28,521 ) 338,060 Non-current contract costs — 23,046 23,046 Non-current deferred tax assets 1,651 — 1,651 Other non-current assets 1,075 — 1,075 Total assets $ 952,446 $ (87,623 ) $ 864,823 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,249 $ — $ 5,249 Accrued expenses and other current liabilities 36,688 — 36,688 Income taxes payable 43,573 — 43,573 Borrowings under credit agreement 220,000 — 220,000 Current deferred revenue 23,145 — 23,145 Total current liabilities 328,655 — 328,655 Non-current deferred revenue 18,167 — 18,167 Deferred income taxes 157,238 (19,366 ) 137,872 Other non-current liabilities 16,192 — 16,192 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of December 31, 2018 and June 30, 2018 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,340 — 10,340 Additional paid-in capital 725,493 — 725,493 Retained earnings 1,162,790 (68,257 ) 1,094,533 Accumulated other comprehensive income 70 — 70 Treasury stock, at cost— 33,592,506 shares of common stock at December 31, 2018 and 31,943,599 shares at June 30, 2018 (1,466,499 ) — (1,466,499 ) Total stockholders' equity 432,194 (68,257 ) 363,937 Total liabilities and stockholders' equity $ 952,446 $ (87,623 ) $ 864,823 ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2019 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 65,592 $ — $ 65,592 Accounts receivable, net 45,293 (3,653 ) 41,640 Current contract assets 314,745 (44,013 ) 270,732 Current contract costs 24,325 (24,325 ) — Prepaid expenses and other current assets 11,124 — 11,124 Prepaid income taxes 1,573 — 1,573 Total current assets 462,652 (71,991 ) 390,661 Property, equipment and leasehold improvements, net 7,589 — 7,589 Computer software development costs, net 1,452 — 1,452 Goodwill 73,534 — 73,534 Intangible assets, net 31,756 — 31,756 Non-current contract assets 358,709 (39,957 ) 318,752 Non-current contract costs — 24,325 24,325 Non-current deferred tax assets 1,696 — 1,696 Other non-current assets 1,279 — 1,279 Total assets $ 938,667 $ (87,623 ) $ 851,044 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,023 $ — $ 4,023 Accrued expenses and other current liabilities 42,746 — 42,746 Income taxes payable 35,582 — 35,582 Borrowings under credit agreement 220,000 — 220,000 Current deferred revenue 24,415 — 24,415 Total current liabilities 326,766 — 326,766 Non-current deferred revenue 19,312 — 19,312 Deferred income taxes 154,901 (19,366 ) 135,535 Other non-current liabilities 12,403 — 12,403 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of March 31, 2019 and June 30, 2018 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,348 — 10,348 Additional paid-in capital 730,830 — 730,830 Retained earnings 1,224,377 (68,257 ) 1,156,120 Accumulated other comprehensive income 1,229 — 1,229 Treasury stock, at cost— 34,370,075 shares of common stock at March 31, 2019 and 31,943,599 shares at June 30, 2018 (1,541,499 ) — (1,541,499 ) Total stockholders' equity 425,285 (68,257 ) 357,028 Total liabilities and stockholders' equity $ 938,667 $ (87,623 ) $ 851,044 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Jun. 30, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - Valuation and Qualifying Accounts Description Balance at Beginning of Year Additions: Charges to Costs and Expenses Deductions: Returns and Write-Offs Balance at End of Year (Dollars in Thousands) Year ended June 30, 2019 Allowance for doubtful accounts $ (2,703 ) $ (1,621 ) $ 975 $ (3,349 ) Year ended June 30, 2018, As Adjusted Allowance for doubtful accounts (1,285 ) (2,463 ) 1,045 (2,703 ) Year ended June 30, 2017, As Adjusted Allowance for doubtful accounts (1,604 ) (1,338 ) 1,657 (1,285 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation The accompanying consolidated financial statements include the accounts of Aspen Technology, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Restatement In connection with the restatement of the fiscal 2019 unaudited quarterly financial statements described in Note 19, "Quarterly Financial Data (Unaudited)," to our Consolidated Financial Statements, we have restated the adjusted June 30, 2018 balance sheet as previously presented in such quarterly financial statements. Refer to Note 19 for further information. Reclassifications Certain line items in prior period financial statements have been reclassified to conform to currently reported presentations. |
Management Estimates | (b) Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | (c) Cash and Cash Equivalents Cash and cash equivalents consist of short-term money market instruments. |
Computer Software Development Costs | (d) Computer Software Development Costs Certain computer software development costs are capitalized in the accompanying consolidated balance sheets. Capitalization of computer software development costs begins upon establishing technological feasibility defined as meeting specifications determined by the program design. Amortization of capitalized computer software development costs is provided on a product-by-product basis using the greater of (a) the amount computed using the ratio that current gross revenue for a product bears to total of current and anticipated future gross revenue for that product or (b) the straight-line method, beginning upon commercial release of the product, and continuing over the remaining estimated economic life of the product, not to exceed three years . Total computer software costs capitalized were $1.1 million , $0.4 million and $0.4 million during the years ended June 30, 2019 , 2018 and 2017 , respectively. Total amortization expense charged to operations was approximately $0.5 million , $0.4 million and $0.5 million for the years ended June 30, 2019 , 2018 and 2017 , respectively. Computer software development accumulated amortization totaled $75.1 million and $74.7 million as of June 30, 2019 and 2018 , respectively. Weighted average remaining useful life of computer software development costs was 2.5 years and 1.0 years at June 30, 2019 and 2018 , respectively. At each balance sheet date, we evaluate the unamortized capitalized software costs for potential impairment by comparing the balance to the net realizable value of the products. During the years ending June 30, 2019 , 2018 and 2017 , our computer software development costs were not considered impaired and as such, we did not recognize impairment losses during the periods then ended. |
Foreign Currency Transactions | (e) Foreign Currency Translation The determination of the functional currency of subsidiaries is based on the subsidiaries' financial and operational environment. Gains and losses from foreign currency translation related to entities whose functional currency is not our reporting currency are credited or charged to accumulated other comprehensive income included in stockholders' equity in the consolidated balance sheets. In all instances, foreign currency transaction and remeasurement gains or losses are credited or charged to the consolidated statements of operations as incurred as a component of other income (expense), net. Net foreign currency transaction and remeasurement gains were $0.7 million in fiscal 2019 , losses were $(0.8) million in fiscal 2018 , and gains were $0.6 million in fiscal 2017 . |
Concentration of Credit Risk | (f) Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk are principally cash and cash equivalents and accounts receivable. Our cash is held in financial institutions and our cash equivalents are invested in money market mutual funds that we believe to be of high credit quality. Concentration of credit risk with respect to receivables is limited to certain customers to which we make substantial sales. To reduce risk, we assess the financial strength of our customers. We do not require collateral or other security in support of our receivables. As of June 30, 2019 , we had no customer receivable balances that individually represented 10% or more of our net accounts receivable. As of June 30, 2018 , we had one customer receivable balance that represented approximately 12% of our total receivables, and was collected subsequent to June 30, 2018 . |
Computer Software Developed for Internal Use | (g) Computer Software Developed for Internal Use and Long-Lived Assets Computer Software Developed for Internal Use: Computer software developed for internal use is capitalized in accordance with ASC Topic 350-40, Intangibles Goodwill and Other—Internal Use Software . We capitalize costs incurred to develop internal-use software during the application development stage after determining software technological requirements and obtaining management approval for funding projects probable of completion. In fiscal 2019 , 2018 and 2017 , there were no capitalized direct labor costs associated with our development of software for internal use. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: We evaluate our long-lived assets, which include finite-lived intangible assets, property and leasehold improvements for impairment as events and circumstances indicate that the carrying amount of an asset or a group of assets may not be recoverable. We assess the recoverability of the asset or a group of assets based on the undiscounted future cash flows the asset is expected to generate, and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset are less than its carrying value. If an asset or a group of assets are deemed to be impaired, the amount of the impairment loss, if any, represents the excess of the asset's or a group of assets' carrying value compared to their estimated fair values. |
Comprehensive Income | (h) Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income and its components for fiscal 2019 , 2018 and 2017 are disclosed in the accompanying consolidated statements of comprehensive income. As of June 30, 2019 and 2018 , accumulated other comprehensive income is comprised of foreign translation adjustments of $0.3 million and $1.4 million , respectively. |
Accounting for Stock-Based Compensation | (i) Accounting for Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. |
Income Taxes | (j) Income Taxes Deferred income taxes are recognized based on temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using the statutory tax rates and laws expected to apply to taxable income in the years in which the temporary differences are expected to reverse. Valuation allowances are provided against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the timing of the temporary differences becoming deductible. Management considers, among other available information, scheduled reversals of deferred tax liabilities, projected future taxable income, limitations of availability of net operating loss carryforwards, and other matters in making this assessment. We do not provide deferred taxes on unremitted earnings of foreign subsidiaries since we intend to indefinitely reinvest either currently or sometime in the foreseeable future. Unrecognized provisions for taxes on undistributed earnings of foreign subsidiaries, which are considered indefinitely reinvested, are not material to our consolidated financial position or results of operations. We are continuously subject to examination by the IRS, as well as various state and foreign jurisdictions. The IRS and other taxing authorities may challenge certain deductions and credits reported by us on our income tax returns. In accordance with provisions of ASC Topic 740, Income Taxes (ASC 740), an entity should recognize a tax benefit when it is more-likely-than-not, based on the technical merits, that the position would be sustained upon examination by a taxing authority. The amount to be recognized, if the more-likely-than-not threshold was passed, should be measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Furthermore, any change in the recognition, de-recognition or measurement of a tax position should be recorded in the period in which the change occurs. We account for interest and penalties related to uncertain tax positions as part of the provision for income taxes. |
Loss Contingencies | (k) Loss Contingencies We accrue estimated liabilities for loss contingencies arising from claims, assessments, litigation and other sources when it is probable that a liability has been incurred and the amount of the claim assessment or damages can be reasonably estimated. We believe that we have sufficient accruals to cover any obligations resulting from claims, assessments or litigation that have met these criteria. |
Advertising Costs | (l) Advertising Costs Advertising costs are expensed as incurred and are classified as sales and marketing expenses. We incurred advertising expenses of $4.4 million , $3.2 million and $3.2 million during fiscal 2019 , 2018 and 2017 , respectively. |
Research and Development Expense | (m) Research and Development Expense We charge research and development expenditures to expense as the costs are incurred. Research and development expenses consist primarily of personnel expenses related to the creation of new products, enhancements and engineering changes to existing products and costs of acquired technology prior to establishing technological feasibility. During fiscal 2017 , we acquired certain technologies for $2.3 million . At the time we acquired the technology, the project to develop a commercially available product did not meet the definition of having reached technological feasibility and as such, the entire cost of the acquired technology was expensed as research and development expense. |
Recent Accounting Pronouncements | (n) New Accounting Pronouncements Adopted in Fiscal 2019 In May 2014, the FASB issued Topic 606, which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) , and requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to evaluate revenue recognition through a five-step process. In applying the principles of Topic 606, more judgment and estimates are required within the revenue recognition process than were required under previous U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. We adopted Topic 606 effective July 1, 2018 using the full retrospective method, which required us to adjust the prior periods presented. The adoption of Topic 606 impacted the timing of the license portion of the revenue recognized from our term contracts. Under the new standard, for arrangements that include term-based software licenses bundled with maintenance and support, we are now required to recognize as revenue a portion of the arrangement fee upon delivery of the software license. We recognize as revenue a portion of the arrangement fee related to maintenance and support, professional services, and training over time as the services are provided. Additionally, under the new standard, we capitalize certain direct and incremental commission costs to obtain a contract and amortize such costs over the expected period of benefit, rather than expensing them as incurred in the period that the commissions are earned. See Note 3, "Revenue from Contracts with Customers," to our Consolidated Financial Statements for more information on our accounting policies as a result of the adoption of Topic 606. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business. The amendment changes the definition of a business to assist entities in evaluating when a set of transferred assets and activities constitutes a business. We adopted ASU No. 2017-01 effective July 1, 2018. The adoption of ASU No. 2017-01 did not have a material effect on our consolidated financial statements or related disclosures. In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 . The amendment provides guidance on accounting for the impact of the Tax Cuts and Jobs Act (the “Tax Act”) and allows entities to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date. This standard is effective upon issuance. The Tax Act has several significant changes that impact all taxpayers, including a transition tax, which is a one-time tax charge on accumulated, undistributed foreign earnings. The calculation of accumulated foreign earnings requires an analysis of each foreign entity’s financial results going back to 1986. We have concluded that we will not be subject to the transition tax associated with our accumulated, undistributed foreign earnings. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendment. The ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. We adopted ASU No. 2018-15 effective October 1, 2018. During fiscal 2019, $0.8 million of implementation costs were capitalized, and $0.1 million expensed, as a result of the adoption of ASU No. 2018-15. (o) Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . Under the amendment, lessees will be required to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. We will adopt Topic 842 using the modified retrospective method effective July 1, 2019. We will elect the available practical expedients permitted under the transition guidance within the new standard, and will implement internal controls to enable the preparation of financial information upon adoption. The most significant impact will be the recognition of right-of use (ROU) assets and lease liabilities for operating leases, while our accounting for capital leases will remain substantially unchanged. Based upon the work performed to date, we expect the adoption of Topic 842 will result in the recognition of a right-of-use asset, and a corresponding lease liability, of approximately $32.0 million to $36.0 million on the consolidated balance sheets. The difference between the assets and liabilities will be attributable to the reclassification of certain existing lease-related assets and liabilities. Where applicable, a corresponding deferred tax asset and liability will be recorded related to the right-of-use asset and lease liability. Topic 842 is not expected to materially impact the consolidated statements of operations or consolidated statements of cash flows. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers In accordance with Topic 606, we account for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration to which we are entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. Nature of Products and Services We generate revenue from the following sources: (1) License revenue; (2) Maintenance revenue; and (3) Services and other revenue. We sell our software products to end users primarily under fixed-term licenses. We license our software products primarily through a subscription offering which we refer to as our aspenONE licensing model, which includes software maintenance and support, known as our Premier Plus SMS offering, for the entire term. Our aspenONE products are organized into three suites: 1) engineering; 2) manufacturing and supply chain; and 3) asset performance management. The aspenONE licensing model provides customers with access to all of the products within the aspenONE suite(s) they license. We refer to these arrangements as token arrangements. Tokens are fixed units of measure. The amount of software usage is limited by the number of tokens purchased by the customer. We also license our software through point product term arrangements, which include our Premier Plus SMS offering for the entire term. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. Term-based Arrangements: Term-based arrangements consist of on-premise term licenses as well as maintenance. License License revenue consists primarily of product and related revenue from our aspenONE licensing model and point product arrangements. When a customer elects to license our products under our aspenONE licensing model, the customer receives, for the term of the arrangement, the right to all software products in the licensed aspenONE software suite. When a customer elects to license point products, the customer receives, for the term of the arrangement, the right to license specified products in the licensed aspenONE software suite. Revenue from initial product licenses is recognized upfront upon delivery. Maintenance When a customer elects to license our products under our aspenONE licensing model, our Premier Plus SMS offering is included for the entire term of the arrangement and the customer receives, for the term of the arrangement, the right to any updates that may be introduced into the licensed aspenONE software suite. When a customer elects to license point products, our Premier Plus SMS offering is included for the entire term of the arrangement and the customer receives, for the term of the arrangement, the right to any updates that may be introduced related to the specified products licensed. Maintenance represents a stand-ready obligation and, due to our obligation to provide unspecified future software updates on a when-and-if available basis as well as telephone support services, we are required to recognize revenue ratably over the term of the arrangement. Services and Other Revenue Professional Services Revenue Professional services are provided to customers on a time-and-materials ("T&M") or fixed-price basis. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligation. For professional services, revenue is recognized by measuring progress toward the completion of our obligations. We recognize professional services fees for our T&M contracts based upon hours worked and contractually agreed-upon hourly rates. Revenue from fixed-price engagements is recognized using the proportional performance method based on the ratio of costs incurred to the total estimated project costs. The use of the proportional performance method is dependent upon our ability to reliably estimate the costs to complete a project. We use historical experience as a basis for future estimates to complete current projects. Additionally, we believe that costs are the best available measure of performance. Out-of-pocket expenses which are reimbursed by customers are recorded as revenue. Training Revenue We provide training services to our customers, including on-site, Internet-based, public and customized training. The obligation to provide training services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligation. Revenue is recognized in the period in which the services are performed. Contracts with Multiple Performance Obligations Our contracts generally contain more than one of the products and services listed above, each of which is separately accounted for as a distinct performance obligation. Allocation of consideration : We allocate total contract consideration to each distinct performance obligation in an arrangement on a relative standalone selling price basis. The standalone selling price reflects the price we would charge for a specific product or service if it was sold separately in similar circumstances and to similar customers. If the arrangement contains professional services and other products or services, we allocate to the professional service obligation a portion of the total contract consideration based on the standalone selling price of professional services that is observed from consistently priced standalone sales. The standalone selling price for term licenses, which are always sold with maintenance, is the price for the combined license and maintenance bundle. The amount assigned to the license and maintenance bundle is separated into license and maintenance amounts using the respective standalone selling prices represented by the value relationship between the software license and maintenance. When two or more contracts are entered into at or near the same time with the same customer, we evaluate the facts and circumstances associated with the negotiation of those contracts. Where the contracts are negotiated as a package, we will account for them as a single arrangement and allocate the consideration for the combined contracts among the performance obligations accordingly. Standalone selling price : When available, we use directly observable transactions to determine the standalone selling prices for performance obligations. Generally, directly observable data is not available for term licenses and maintenance. When term licenses are sold together with maintenance in a bundled arrangement, we estimate a standalone selling price for these distinct performance obligations using relevant information, including our overall pricing objectives and strategies and historical pricing data, and taking into consideration market conditions and other factors. Other policies and judgments Payment terms and conditions vary by contract type, although terms generally include a requirement of payment annually over the term of the license arrangement. Therefore, we generally receive payment from a customer after the performance obligation related to the license has been satisfied, and therefore, our contracts generally contain a significant financing component. The significant financing component is calculated utilizing an interest rate that derives the net present value of the performance obligations delivered on an upfront basis based on the allocation of consideration. We have instituted a customer portfolio approach in assigning interest rates. The rates are determined at contract inception and are based on the credit characteristics of the customers within each portfolio. Contract modifications We sometimes enter into agreements to modify previously executed contracts, which constitute contract modifications. We assess each of these contract modifications to determine (i) if the additional products and services are distinct from the products and services in the original arrangement; and (ii) if the amount of consideration expected for the added products and services reflects the stand-alone selling price of those products and services, as adjusted for contract-specific circumstances. A contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria is considered a change to the original contract and is accounted for on either (i) a prospective basis as a termination of the existing contract and the creation of a new contract; or (ii) a cumulative catch-up basis. Generally, our contract modifications meet both criteria and are accounted for as a separate contract, as adjusted for contract-specific circumstances. Disaggregation of Revenue We disaggregate our revenue by region, type of performance obligation, timing of revenue recognition, and segment as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Revenue by region: United States $ 219,967 $ 207,266 $ 158,761 Europe 155,543 126,862 166,133 Other (1) 222,835 184,731 169,533 $ 598,345 $ 518,859 $ 494,427 Revenue by type of performance obligation: License $ 404,122 $ 326,549 $ 307,259 Maintenance 165,436 161,065 157,012 Services and other 28,787 31,245 30,156 $ 598,345 $ 518,859 $ 494,427 Revenue by segment: Subscription and software $ 569,558 $ 487,614 $ 464,271 Services and other 28,787 31,245 30,156 $ 598,345 $ 518,859 $ 494,427 ____________________________________________ (1) Other consists primarily of Asia Pacific, Canada, Latin America and the Middle East. Contract Balances The difference in the opening and closing balances of our contract assets and deferred revenue primarily results from the timing difference between our performance and the customer’s payment. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We recognize deferred revenue when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services. Our contract assets and deferred revenue were as follows as of June 30, 2019 and 2018 : June 30, 2019 June 30, 2018 As Restated (Dollars in Thousands) Contract assets $ 619,703 $ 557,377 Deferred revenue (44,891 ) (27,504 ) $ 574,812 $ 529,873 Contract assets and deferred revenue are presented net at the contract level for each reporting period. The change in deferred revenue during fiscal 2019 was primarily due to an increase in new billings in advance of revenue recognition, partially offset by $14.0 million of revenue recognized that was included in deferred revenue at June 30, 2018 . Contract Costs We pay commissions for new product sales as well as for renewals of existing contracts. Commissions paid to obtain renewal contracts are not commensurate with the commissions paid for new product sales and therefore, a portion of the commissions paid for new contracts relate to future renewals. We account for new product sales commissions using a portfolio approach and allocate the cost of commissions in proportion to the allocation of transaction price of license and maintenance performance obligations, including assumed renewals. Commissions allocated to the license and license renewal components are expensed at the time the license revenue is recognized. Commissions allocated to maintenance are capitalized and amortized on a straight-line basis over a period of four years to eight years for new contracts, reflecting our estimate of the expected period that we will benefit from those commissions. Amortization of capitalized contract costs is included in sales and marketing expenses in our Consolidated Statement of Operations. Transaction Price Allocated to Remaining Performance Obligations The following table includes the aggregate amount of the transaction price allocated as of June 30, 2019 to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period: Year Ended June 30, 2020 2021 2022 2023 2024 Thereafter (Dollars in Thousands) License $ 47,869 $ 31,944 $ 9,820 $ 3,575 $ 1,559 $ 721 Maintenance 193,348 144,734 101,127 64,286 37,613 14,847 Services and other 43,679 646 594 345 74 16 Impact to Prior Period Information The following table presents the effect of the adoption of Topic 606 on select consolidated statements of operations line items for fiscal 2018 and 2017 : Year Ended June 30, 2018 As Previously Reported Adjustments As Adjusted (Dollars in Thousands, Except per Share Data) Consolidated Statements of Operations : License revenue $ — $ 326,549 $ 326,549 Maintenance revenue — 161,065 161,065 Subscription and software revenue 471,041 (471,041 ) — Services and other revenue 28,473 2,772 31,245 Total revenue 499,514 19,345 518,859 Gross profit 448,870 19,345 468,215 Selling and marketing expense 101,077 (1,340 ) 99,737 General and administrative expense 56,076 11,105 67,181 Total operating expenses 239,229 9,765 248,994 Income from operations 209,641 9,580 219,221 Interest income 231 24,723 24,954 Provision for (benefit from) income taxes 54,655 (110,712 ) (56,057 ) Net income $ 148,688 $ 145,015 $ 293,703 Net income per common share: Basic $ 2.06 $ 4.07 Diluted $ 2.04 $ 4.03 Weighted average shares outstanding: Basic 72,140 72,140 Diluted 72,956 72,956 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted (Dollars in Thousands, Except per Share Data) Consolidated Statements of Operations : License revenue $ — $ 307,259 $ 307,259 Maintenance revenue — 157,012 157,012 Subscription and software revenue 453,512 (453,512 ) — Services and other revenue 29,430 726 30,156 Total revenue 482,942 11,485 494,427 Gross profit 435,476 11,485 446,961 Selling and marketing expense 92,633 (656 ) 91,977 General and administrative expense 51,297 7,438 58,735 Total operating expenses 223,460 6,782 230,242 Income from operations 212,016 4,703 216,719 Interest income 808 22,134 22,942 Provision for income taxes 48,150 9,647 57,797 Net income $ 162,196 $ 17,190 $ 179,386 Net income per common share: Basic $ 2.12 $ 2.35 Diluted $ 2.11 $ 2.33 Weighted average shares outstanding: Basic 76,491 76,491 Diluted 76,978 76,978 The following table presents the effect of the adoption of Topic 606 on select consolidated balance sheet line items as of June 30, 2018: June 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands) Consolidated Balance Sheets : ASSETS Current contract assets $ — $ 237,537 $ 237,537 Contract costs — 20,500 20,500 Accounts receivable, net 21,910 19,900 41,810 Non-current contract assets — 319,840 319,840 Non-current deferred tax assets 11,090 (9,858 ) 1,232 Total assets 264,924 587,919 852,843 LIABILITIES AND STOCKHOLDERS’ EQUITY Current deferred revenue 286,845 (271,695 ) 15,150 Non-current deferred revenue 28,259 (15,905 ) 12,354 Deferred income taxes — 184,901 184,901 Other non-current liabilities 18,492 (1,424 ) 17,068 Retained earnings 305,208 692,042 997,250 Total liabilities and stockholders’ equity $ 264,924 $ 587,919 $ 852,843 The adoption of Topic 606 had no impact on our total cash flows or net cash provided by operating activities. The impacts of adoption resulted in offsetting shifts in cash flows throughout the components of net income and various changes in working capital balances. The following table presents the effect of the adoption of Topic 606 on select consolidated statement of cash flows line items for fiscal 2018 and 2017 : Year Ended June 30, 2018 As Previously Reported Adjustments As Adjusted (Dollars in Thousands) Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 148,688 $ 145,015 $ 293,703 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes 3,193 (113,501 ) (110,308 ) Changes in assets and liabilities: Contract assets — 3,640 3,640 Contract costs — (617 ) (617 ) Accounts receivable 4,327 (3,481 ) 846 Deferred revenue 13,700 (31,056 ) (17,356 ) Net cash provided by operating activities $ 206,936 $ — $ 206,936 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted (Dollars in Thousands) Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 162,196 $ 17,190 $ 179,386 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes (4,286 ) 9,559 5,273 Changes in assets and liabilities: Contract assets — (4,327 ) (4,327 ) Contract costs — (203 ) (203 ) Accounts receivable (7,480 ) (684 ) (8,164 ) Deferred revenue 18,477 (21,535 ) (3,058 ) Net cash provided by operating activities $ 182,386 $ — $ 182,386 As referenced in Item 9A, "Controls and Procedures," the previously issued unaudited consolidated financial statements in our quarterly reports on Form 10-Q for the quarters ended September 30, 2018, December 31, 2018 and March 31, 2019 have been restated in this Form 10-K. See Note 19, "Quarterly Financial Data (Unaudited)," to our Consolidated Financial Statements for the restated financial statements. |
Intangible Assets (Policies)
Intangible Assets (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets We include in our amortizable intangible assets those intangible assets acquired in our business and asset acquisitions. We amortize acquired intangible assets with finite lives over their estimated economic lives, generally using the straight-line method. Each period, we evaluate the estimated remaining useful lives of acquired intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization. Acquired intangibles are removed from the accounts when fully amortized and no longer in use. Intangible assets consist of the following as of June 30, 2019 and 2018 : Gross Carrying Amount Accumulated Amortization Effect of Currency Translation Net Carrying Amount (Dollars in Thousands) June 30, 2019: Technology and patents $ 37,168 $ (8,868 ) $ (118 ) $ 28,182 Customer relationships 6,503 (1,039 ) (100 ) 5,364 Non-compete agreements 553 (492 ) — 61 Total $ 44,224 $ (10,399 ) $ (218 ) $ 33,607 June 30, 2018: Technology and patents $ 35,898 $ (5,182 ) $ (254 ) $ 30,462 Customer relationships 5,181 (377 ) (202 ) 4,602 Non-compete agreements 553 (307 ) — 246 Total $ 41,632 $ (5,866 ) $ (456 ) $ 35,310 Total amortization expense related to intangible assets amounted to $4.5 million , $2.2 million and $1.0 million in fiscal 2019 , 2018 and 2017 , respectively. Future amortization expense as of June 30, 2019 is expected to be as follows: Year Ended June 30, Amortization Expense (Dollars in Thousands) 2020 $ 5,120 2021 5,165 2022 5,104 2023 5,019 2024 4,326 Thereafter 8,873 Total $ 33,607 |
Goodwill (Policies)
Goodwill (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The changes in the carrying amount of goodwill for our subscription and software reporting unit during fiscal years ending June 30, 2019 and 2018 were as follows: Gross Carrying Amount Accumulated Impairment Losses Effect of Currency Translation Net Carrying Amount June 30, 2018: $ 142,316 $ (65,569 ) $ (1,157 ) $ 75,590 Goodwill from acquisitions, net of adjustments 3,256 — — 3,256 Foreign currency translation — — (463 ) (463 ) June 30, 2019: $ 145,572 $ (65,569 ) $ (1,620 ) $ 78,383 Gross Carrying Amount Accumulated Impairment Losses Effect of Currency Translation Net Carrying Amount June 30, 2017: $ 116,833 $ (65,569 ) $ (16 ) $ 51,248 Goodwill from acquisitions, net of adjustments 25,483 — — 25,483 Foreign currency translation — — (1,141 ) (1,141 ) June 30, 2018: $ 142,316 $ (65,569 ) $ (1,157 ) $ 75,590 We test goodwill for impairment annually (or more often if impairment indicators arise), at the reporting unit level. We first assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine based on this assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform the goodwill impairment test. The first step requires us to determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill, of such reporting unit. If the fair value exceeds the carrying amount, no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, the goodwill of the unit is impaired. Fair value of a reporting unit is determined using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows). In applying the income-based approach, we would be required to make assumptions about the amount and timing of future expected cash flows, growth rates and appropriate discount rates. The amount and timing of future cash flows would be based on our most recent long-term financial projections. The discount rate we would utilize would be determined using estimates of market participant risk-adjusted weighted-average costs of capital and reflect the risks associated with achieving future cash flows. We have elected December 31st as the annual impairment assessment date and perform additional impairment tests if triggering events occur. We performed our annual impairment test for the subscription and software reporting unit as of December 31, 2018 and, based upon the results of our qualitative assessment, determined that it was not likely that its fair value was less than its carrying amount. As such, we did no t recognize impairment losses as a result of our analysis. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value, goodwill will be evaluated for impairment between annual tests. No triggering events indicating goodwill impairment occurred during fiscal 2019 , 2018 and 2017 . |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue We disaggregate our revenue by region, type of performance obligation, timing of revenue recognition, and segment as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Revenue by region: United States $ 219,967 $ 207,266 $ 158,761 Europe 155,543 126,862 166,133 Other (1) 222,835 184,731 169,533 $ 598,345 $ 518,859 $ 494,427 Revenue by type of performance obligation: License $ 404,122 $ 326,549 $ 307,259 Maintenance 165,436 161,065 157,012 Services and other 28,787 31,245 30,156 $ 598,345 $ 518,859 $ 494,427 Revenue by segment: Subscription and software $ 569,558 $ 487,614 $ 464,271 Services and other 28,787 31,245 30,156 $ 598,345 $ 518,859 $ 494,427 ____________________________________________ (1) Other consists primarily of Asia Pacific, Canada, Latin America and the Middle East. |
Contract with Customer, Asset and Liability [Table Text Block] | Our contract assets and deferred revenue were as follows as of June 30, 2019 and 2018 : June 30, 2019 June 30, 2018 As Restated (Dollars in Thousands) Contract assets $ 619,703 $ 557,377 Deferred revenue (44,891 ) (27,504 ) $ 574,812 $ 529,873 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Transaction Price Allocated to Remaining Performance Obligations The following table includes the aggregate amount of the transaction price allocated as of June 30, 2019 to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period: Year Ended June 30, 2020 2021 2022 2023 2024 Thereafter (Dollars in Thousands) License $ 47,869 $ 31,944 $ 9,820 $ 3,575 $ 1,559 $ 721 Maintenance 193,348 144,734 101,127 64,286 37,613 14,847 Services and other 43,679 646 594 345 74 16 |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Impact to Prior Period Information The following table presents the effect of the adoption of Topic 606 on select consolidated statements of operations line items for fiscal 2018 and 2017 : Year Ended June 30, 2018 As Previously Reported Adjustments As Adjusted (Dollars in Thousands, Except per Share Data) Consolidated Statements of Operations : License revenue $ — $ 326,549 $ 326,549 Maintenance revenue — 161,065 161,065 Subscription and software revenue 471,041 (471,041 ) — Services and other revenue 28,473 2,772 31,245 Total revenue 499,514 19,345 518,859 Gross profit 448,870 19,345 468,215 Selling and marketing expense 101,077 (1,340 ) 99,737 General and administrative expense 56,076 11,105 67,181 Total operating expenses 239,229 9,765 248,994 Income from operations 209,641 9,580 219,221 Interest income 231 24,723 24,954 Provision for (benefit from) income taxes 54,655 (110,712 ) (56,057 ) Net income $ 148,688 $ 145,015 $ 293,703 Net income per common share: Basic $ 2.06 $ 4.07 Diluted $ 2.04 $ 4.03 Weighted average shares outstanding: Basic 72,140 72,140 Diluted 72,956 72,956 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted (Dollars in Thousands, Except per Share Data) Consolidated Statements of Operations : License revenue $ — $ 307,259 $ 307,259 Maintenance revenue — 157,012 157,012 Subscription and software revenue 453,512 (453,512 ) — Services and other revenue 29,430 726 30,156 Total revenue 482,942 11,485 494,427 Gross profit 435,476 11,485 446,961 Selling and marketing expense 92,633 (656 ) 91,977 General and administrative expense 51,297 7,438 58,735 Total operating expenses 223,460 6,782 230,242 Income from operations 212,016 4,703 216,719 Interest income 808 22,134 22,942 Provision for income taxes 48,150 9,647 57,797 Net income $ 162,196 $ 17,190 $ 179,386 Net income per common share: Basic $ 2.12 $ 2.35 Diluted $ 2.11 $ 2.33 Weighted average shares outstanding: Basic 76,491 76,491 Diluted 76,978 76,978 The following table presents the effect of the adoption of Topic 606 on select consolidated balance sheet line items as of June 30, 2018: June 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands) Consolidated Balance Sheets : ASSETS Current contract assets $ — $ 237,537 $ 237,537 Contract costs — 20,500 20,500 Accounts receivable, net 21,910 19,900 41,810 Non-current contract assets — 319,840 319,840 Non-current deferred tax assets 11,090 (9,858 ) 1,232 Total assets 264,924 587,919 852,843 LIABILITIES AND STOCKHOLDERS’ EQUITY Current deferred revenue 286,845 (271,695 ) 15,150 Non-current deferred revenue 28,259 (15,905 ) 12,354 Deferred income taxes — 184,901 184,901 Other non-current liabilities 18,492 (1,424 ) 17,068 Retained earnings 305,208 692,042 997,250 Total liabilities and stockholders’ equity $ 264,924 $ 587,919 $ 852,843 The adoption of Topic 606 had no impact on our total cash flows or net cash provided by operating activities. The impacts of adoption resulted in offsetting shifts in cash flows throughout the components of net income and various changes in working capital balances. The following table presents the effect of the adoption of Topic 606 on select consolidated statement of cash flows line items for fiscal 2018 and 2017 : Year Ended June 30, 2018 As Previously Reported Adjustments As Adjusted (Dollars in Thousands) Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 148,688 $ 145,015 $ 293,703 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes 3,193 (113,501 ) (110,308 ) Changes in assets and liabilities: Contract assets — 3,640 3,640 Contract costs — (617 ) (617 ) Accounts receivable 4,327 (3,481 ) 846 Deferred revenue 13,700 (31,056 ) (17,356 ) Net cash provided by operating activities $ 206,936 $ — $ 206,936 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted (Dollars in Thousands) Consolidated Statements of Cash Flows: Cash flows from operating activities: Net income $ 162,196 $ 17,190 $ 179,386 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes (4,286 ) 9,559 5,273 Changes in assets and liabilities: Contract assets — (4,327 ) (4,327 ) Contract costs — (203 ) (203 ) Accounts receivable (7,480 ) (684 ) (8,164 ) Deferred revenue 18,477 (21,535 ) (3,058 ) Net cash provided by operating activities $ 182,386 $ — $ 182,386 As referenced in Item 9A, "Controls and Procedures," the previously issued unaudited consolidated financial statements in our quarterly reports on Form 10-Q for the quarters ended September 30, 2018, December 31, 2018 and March 31, 2019 have been restated in this Form 10-K. See Note 19, "Quarterly Financial Data (Unaudited)," to our Consolidated Financial Statements for the restated financial statements. ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 96,165 $ — $ 96,165 Accounts receivable, net 41,810 — 41,810 Current contract assets 304,378 (66,841 ) 237,537 Current contract costs 20,500 (20,500 ) — Prepaid expenses and other current assets 10,509 — 10,509 Prepaid income taxes 2,601 — 2,601 Total current assets 475,963 (87,341 ) 388,622 Property, equipment and leasehold improvements, net 9,806 — 9,806 Computer software development costs, net 646 — 646 Goodwill 75,590 — 75,590 Intangible assets, net 35,310 — 35,310 Non-current contract assets 340,622 (20,782 ) 319,840 Non-current contract costs — 20,500 20,500 Non-current deferred tax assets 11,090 (9,858 ) 1,232 Other non-current assets 1,297 — 1,297 Total assets $ 950,324 $ (97,481 ) $ 852,843 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,230 $ — $ 4,230 Accrued expenses and other current liabilities 39,515 — 39,515 Income taxes payable 1,698 — 1,698 Borrowings under credit agreement 170,000 — 170,000 Current deferred revenue 15,150 — 15,150 Total current liabilities 230,593 — 230,593 Non-current deferred revenue 12,354 — 12,354 Deferred income taxes 214,125 (29,224 ) 184,901 Other non-current liabilities 17,068 — 17,068 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2018 and 2017 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,313 — 10,313 Additional paid-in capital 715,475 — 715,475 Retained earnings 1,065,507 (68,257 ) 997,250 Accumulated other comprehensive income 1,388 — 1,388 Treasury stock, at cost— 31,943,599 shares of common stock at June 30, 2018 and 29,145,976 shares at June 30, 2017 (1,316,499 ) — (1,316,499 ) Total stockholders' equity 476,184 (68,257 ) 407,927 Total liabilities and stockholders' equity $ 950,324 $ (97,481 ) $ 852,843 ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 52,048 $ — $ 52,048 Accounts receivable, net 53,999 (3,653 ) 50,346 Current contract assets 317,967 (79,472 ) 238,495 Current contract costs 21,296 (21,296 ) — Prepaid expenses and other current assets 12,992 — 12,992 Prepaid income taxes 1,422 — 1,422 Total current assets 459,724 (104,421 ) 355,303 Property, equipment and leasehold improvements, net 9,006 — 9,006 Computer software development costs, net 695 — 695 Goodwill 75,649 — 75,649 Intangible assets, net 34,192 — 34,192 Non-current contract assets 357,947 (4,498 ) 353,449 Non-current contract costs — 21,296 21,296 Non-current deferred tax assets 1,176 — 1,176 Other non-current assets 1,279 — 1,279 Total assets $ 939,668 $ (87,623 ) $ 852,045 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,501 $ — $ 2,501 Accrued expenses and other current liabilities 32,000 — 32,000 Income taxes payable 46,869 — 46,869 Borrowings under credit agreement 170,000 — 170,000 Current deferred revenue 23,737 — 23,737 Total current liabilities 275,107 — 275,107 Non-current deferred revenue 15,046 — 15,046 Deferred income taxes 159,563 (19,366 ) 140,197 Other non-current liabilities 16,833 — 16,833 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of September 30, 2018 and June 30, 2018 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,328 — 10,328 Additional paid-in capital 724,752 — 724,752 Retained earnings 1,103,573 (68,257 ) 1,035,316 Accumulated other comprehensive income 965 — 965 Treasury stock, at cost— 32,416,975 shares of common stock at September 30, 2018 and 31,943,599 shares at June 30, 2018 (1,366,499 ) — (1,366,499 ) Total stockholders' equity 473,119 (68,257 ) 404,862 Total liabilities and stockholders' equity $ 939,668 $ (87,623 ) $ 852,045 ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2018 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 54,428 $ — $ 54,428 Accounts receivable, net 56,586 (3,653 ) 52,933 Current contract assets 321,135 (55,449 ) 265,686 Current contract costs 23,046 (23,046 ) — Prepaid expenses and other current assets 10,330 — 10,330 Prepaid income taxes 921 — 921 Total current assets 466,446 (82,148 ) 384,298 Property, equipment and leasehold improvements, net 8,311 — 8,311 Computer software development costs, net 691 — 691 Goodwill 74,802 — 74,802 Intangible assets, net 32,889 — 32,889 Non-current contract assets 366,581 (28,521 ) 338,060 Non-current contract costs — 23,046 23,046 Non-current deferred tax assets 1,651 — 1,651 Other non-current assets 1,075 — 1,075 Total assets $ 952,446 $ (87,623 ) $ 864,823 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,249 $ — $ 5,249 Accrued expenses and other current liabilities 36,688 — 36,688 Income taxes payable 43,573 — 43,573 Borrowings under credit agreement 220,000 — 220,000 Current deferred revenue 23,145 — 23,145 Total current liabilities 328,655 — 328,655 Non-current deferred revenue 18,167 — 18,167 Deferred income taxes 157,238 (19,366 ) 137,872 Other non-current liabilities 16,192 — 16,192 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of December 31, 2018 and June 30, 2018 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,340 — 10,340 Additional paid-in capital 725,493 — 725,493 Retained earnings 1,162,790 (68,257 ) 1,094,533 Accumulated other comprehensive income 70 — 70 Treasury stock, at cost— 33,592,506 shares of common stock at December 31, 2018 and 31,943,599 shares at June 30, 2018 (1,466,499 ) — (1,466,499 ) Total stockholders' equity 432,194 (68,257 ) 363,937 Total liabilities and stockholders' equity $ 952,446 $ (87,623 ) $ 864,823 ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2019 As Previously Reported Adjustments As Restated (Dollars in Thousands, Except Share and Per Share Data) ASSETS Current assets: Cash and cash equivalents $ 65,592 $ — $ 65,592 Accounts receivable, net 45,293 (3,653 ) 41,640 Current contract assets 314,745 (44,013 ) 270,732 Current contract costs 24,325 (24,325 ) — Prepaid expenses and other current assets 11,124 — 11,124 Prepaid income taxes 1,573 — 1,573 Total current assets 462,652 (71,991 ) 390,661 Property, equipment and leasehold improvements, net 7,589 — 7,589 Computer software development costs, net 1,452 — 1,452 Goodwill 73,534 — 73,534 Intangible assets, net 31,756 — 31,756 Non-current contract assets 358,709 (39,957 ) 318,752 Non-current contract costs — 24,325 24,325 Non-current deferred tax assets 1,696 — 1,696 Other non-current assets 1,279 — 1,279 Total assets $ 938,667 $ (87,623 ) $ 851,044 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,023 $ — $ 4,023 Accrued expenses and other current liabilities 42,746 — 42,746 Income taxes payable 35,582 — 35,582 Borrowings under credit agreement 220,000 — 220,000 Current deferred revenue 24,415 — 24,415 Total current liabilities 326,766 — 326,766 Non-current deferred revenue 19,312 — 19,312 Deferred income taxes 154,901 (19,366 ) 135,535 Other non-current liabilities 12,403 — 12,403 Commitments and contingencies Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of March 31, 2019 and June 30, 2018 — — — Stockholders' equity: Common stock, $0.10 par value—Authorized—210,000,000 shares 10,348 — 10,348 Additional paid-in capital 730,830 — 730,830 Retained earnings 1,224,377 (68,257 ) 1,156,120 Accumulated other comprehensive income 1,229 — 1,229 Treasury stock, at cost— 34,370,075 shares of common stock at March 31, 2019 and 31,943,599 shares at June 30, 2018 (1,541,499 ) — (1,541,499 ) Total stockholders' equity 425,285 (68,257 ) 357,028 Total liabilities and stockholders' equity $ 938,667 $ (87,623 ) $ 851,044 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Our accounts receivable, net of the related allowance for doubtful accounts, were as follows as of June 30, 2019 and 2018 : June 30, June 30, As Restated (Dollars in Thousands) Accounts receivable, gross $ 51,133 $ 44,513 Allowance for doubtful accounts (3,349 ) (2,703 ) Accounts receivable, net $ 47,784 $ 41,810 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, equipment and leasehold improvements | Property, equipment and leasehold improvements in the accompanying consolidated balance sheets consist of the following: Year Ended June 30, 2019 2018 (Dollars in Thousands) Property, equipment and leasehold improvements, at cost: Computer equipment $ 6,642 $ 8,344 Purchased software 22,793 24,225 Furniture & fixtures 6,794 6,850 Leasehold improvements 12,232 12,023 Property, equipment and leasehold improvements, at cost 48,461 51,442 Accumulated depreciation (41,227 ) (41,636 ) Property, equipment and leasehold improvements, net $ 7,234 $ 9,806 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | A preliminary allocation of the initial purchase price is as follows: Amount (Dollars in Thousands) Tangible assets acquired, net $ 355 Identifiable intangible assets: Technology-related 1,525 Customer relationships 1,525 Goodwill 4,783 Deferred tax liabilities (564 ) Total assets acquired, net $ 7,624 An allocation of the purchase price is as follows: Amount (Dollars in Thousands) Tangible assets acquired, net $ 360 Identifiable intangible assets: Technology-related 4,500 Customer relationships 3,800 Goodwill 15,959 Deferred tax liabilities (1,619 ) Total assets acquired, net $ 23,000 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization expense as of June 30, 2019 is expected to be as follows: Year Ended June 30, Amortization Expense (Dollars in Thousands) 2020 $ 5,120 2021 5,165 2022 5,104 2023 5,019 2024 4,326 Thereafter 8,873 Total $ 33,607 |
Intangible assets | Intangible assets consist of the following as of June 30, 2019 and 2018 : Gross Carrying Amount Accumulated Amortization Effect of Currency Translation Net Carrying Amount (Dollars in Thousands) June 30, 2019: Technology and patents $ 37,168 $ (8,868 ) $ (118 ) $ 28,182 Customer relationships 6,503 (1,039 ) (100 ) 5,364 Non-compete agreements 553 (492 ) — 61 Total $ 44,224 $ (10,399 ) $ (218 ) $ 33,607 June 30, 2018: Technology and patents $ 35,898 $ (5,182 ) $ (254 ) $ 30,462 Customer relationships 5,181 (377 ) (202 ) 4,602 Non-compete agreements 553 (307 ) — 246 Total $ 41,632 $ (5,866 ) $ (456 ) $ 35,310 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in carrying amount of goodwill by reporting unit | The changes in the carrying amount of goodwill for our subscription and software reporting unit during fiscal years ending June 30, 2019 and 2018 were as follows: Gross Carrying Amount Accumulated Impairment Losses Effect of Currency Translation Net Carrying Amount June 30, 2018: $ 142,316 $ (65,569 ) $ (1,157 ) $ 75,590 Goodwill from acquisitions, net of adjustments 3,256 — — 3,256 Foreign currency translation — — (463 ) (463 ) June 30, 2019: $ 145,572 $ (65,569 ) $ (1,620 ) $ 78,383 Gross Carrying Amount Accumulated Impairment Losses Effect of Currency Translation Net Carrying Amount June 30, 2017: $ 116,833 $ (65,569 ) $ (16 ) $ 51,248 Goodwill from acquisitions, net of adjustments 25,483 — — 25,483 Foreign currency translation — — (1,141 ) (1,141 ) June 30, 2018: $ 142,316 $ (65,569 ) $ (1,157 ) $ 75,590 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities in the accompanying consolidated balance sheets consist of the following: June 30, June 30, (Dollars in Thousands) Compensation-related $ 27,147 $ 21,796 Deferred acquisition payments 4,600 1,700 Uncertain tax positions 3,751 — Royalties and outside commissions 3,665 3,333 Share repurchases 2,432 1,646 Professional fees 3,053 1,695 Deferred rent 1,331 1,188 Other 8,615 8,157 Total accrued expenses and other current liabilities $ 54,594 $ 39,515 |
Other non-current liabilities | Other non-current liabilities in the accompanying consolidated balance sheets consist of the following: June 30, June 30, As Adjusted (Dollars in Thousands) Deferred rent $ 5,187 $ 6,442 Uncertain tax positions 2,274 4,510 Deferred acquisition payments 1,524 4,294 Asset retirement obligations 914 916 Other 482 906 Total other non-current liabilities $ 10,381 $ 17,068 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average assumptions | We utilized the Black-Scholes option valuation model with the following weighted average assumptions: Year Ended June 30, 2019 2018 2017 Risk-free interest rate 2.8 % 1.7 % 1.2 % Expected dividend yield None None None Expected life (in years) 4.6 4.6 4.6 Expected volatility factor 26.6 % 28.0 % 31.3 % |
Stock-based compensation expense | The stock-based compensation expense and its classification in the accompanying consolidated statements of operations for fiscal 2019 , 2018 and 2017 was as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Recorded as expenses: Cost of maintenance $ 1,282 $ 559 $ 564 Cost of service and other 1,420 920 913 Selling and marketing 4,849 3,862 3,652 Research and development 6,923 7,617 5,806 General and administrative 13,099 9,730 7,865 Total stock-based compensation $ 27,573 $ 22,688 $ 18,800 |
Stock options and RSU activity | A summary of stock option and RSU activity under all equity plans in fiscal 2019 is as follows: Stock Options Restricted Stock Units Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in 000's) Shares Weighted Average Grant Date Fair Value Outstanding at June 30, 2018 1,369,442 $ 45.93 7.23 $ 64,103 621,700 $ 53.64 Granted 282,798 113.88 645,146 114.72 Settled (RSUs) (392,364 ) 60.51 Exercised (252,975 ) 39.24 Cancelled / Forfeited (95,248 ) 68.25 (80,764 ) 68.58 Outstanding at June 30, 2019 1,304,017 $ 60.33 6.94 $ 83,388 793,718 $ 98.38 Exercisable at June 30, 2019 842,746 $ 48.81 6.11 $ 63,598 Vested and expected to vest at June 30, 2019 1,249,802 $ 59.52 6.87 $ 80,935 748,240 $ 99.36 |
Net Income Per Share Net Income
Net Income Per Share Net Income Per Share - Employee Equity Awards Excluded from the Calculation of Dilutive Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the years ended June 30, 2019 , 2018 and 2017 , certain employee equity awards were anti-dilutive based on the treasury stock method. The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of the balance sheet date: Year Ended June 30, 2019 2018 2017 (Shares in Thousands) Employee equity awards 784 419 525 |
Net Income Per Share Net Inco_2
Net Income Per Share Net Income Per Share - Calculations of Basic and Diluted Net Income per Share and Basic and Dilutive Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding for the years ended June 30, 2019 , 2018 and 2017 are as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars and Shares in Thousands, Except per Share Data) Net income $ 262,734 $ 293,703 $ 179,386 Weighted average shares outstanding 69,925 72,140 76,491 Dilutive impact from: Employee equity awards 862 816 487 Dilutive weighted average shares outstanding 70,787 72,956 76,978 Income per share Basic $ 3.76 $ 4.07 $ 2.35 Dilutive $ 3.71 $ 4.03 $ 2.33 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income before provision for income taxes | Income before provision for income taxes consists of the following: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Domestic $ 298,665 $ 229,745 $ 228,890 Foreign 4,525 7,901 8,293 Income before provision for income taxes $ 303,190 $ 237,646 $ 237,183 |
Provision for income taxes | The provision for income taxes shown in the accompanying consolidated statements of operations is composed of the following: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Federal— Current $ 64,194 $ 47,734 $ 69,385 Deferred (26,983 ) (108,867 ) (13,110 ) State— Current 3,246 1,471 1,737 Deferred (1,026 ) 1,042 (771 ) Foreign— Current 1,549 2,296 2,067 Deferred (524 ) 267 (1,511 ) $ 40,456 $ (56,057 ) $ 57,797 |
Income tax reconciliation based on federal statutory rate | The provision for income taxes differs from that based on the federal statutory rate due to the following: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Federal tax provision at statutory rate $ 63,670 $ 66,683 $ 83,014 State income taxes 1,540 1,503 1,167 Remeasurement of deferred taxes — (115,536 ) — Foreign-derived intangible income (FDII) (20,326 ) — — Global intangible low-taxed income (GILTI) 797 — — Effect of foreign operations 7,395 4,700 2,912 Foreign taxes and rate differences 514 (164 ) (206 ) Stock-based compensation (3,774 ) (2,951 ) 991 Tax credits (9,677 ) (7,913 ) (6,614 ) Uncertain tax positions 1,055 (185 ) (19,645 ) Return to provision adjustments (482 ) (488 ) 464 Domestic production activity deduction — (4,869 ) (6,261 ) Valuation allowance (550 ) 2,326 1,522 Other 294 837 453 Provision for income taxes $ 40,456 $ (56,057 ) $ 57,797 |
Deferred tax assets and liabilities | Net deferred tax liabilities consist of the following at June 30, 2019 and 2018 : Year Ended June 30, 2019 2018 As Restated (Dollars in Thousands) Deferred tax assets: Federal and state credits $ 4,055 $ 4,363 Capital loss carryforwards — 4,856 Net operating loss carryforwards 906 1,452 Deferred revenue 5,252 3,163 Other reserves and accruals 6,082 6,550 Intangible assets 1,020 1,015 Property, leasehold improvements, and other basis differences 1,433 1,646 Other temporary differences 453 450 19,201 23,495 Deferred tax liabilities: Contract assets and costs (156,346 ) (121,631 ) Deferred revenue (8,610 ) (68,546 ) Intangible assets (5,635 ) (5,231 ) Property, leasehold improvements, and other basis differences (1,146 ) (1,340 ) (171,737 ) (196,748 ) Valuation allowance (4,866 ) (10,416 ) Net deferred tax liabilities $ (157,402 ) $ (183,669 ) |
Reconciliation of reserve for uncertain tax positions | A reconciliation of the reserve for uncertain tax positions is as follows: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Uncertain tax positions, beginning of year $ 3,931 $ 3,921 $ 23,535 Gross increases (decreases) —tax positions in prior period 407 544 (19,116 ) Gross increases—tax positions in current period 1,789 — — Gross decreases—lapse of statutes (740 ) (637 ) (830 ) Currency translation adjustment (7 ) 103 332 Uncertain tax positions, end of year $ 5,380 $ 3,931 $ 3,921 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments | Future minimum lease payments under these leases as of June 30, 2019 are as follows: Year Ended June 30, Operating Leases (Dollars in Thousands) 2020 $ 8,399 2021 7,820 2022 6,514 2023 5,862 2024 4,932 Thereafter 3,307 Total $ 36,834 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of reportable segments' profits | The following table presents a summary of our reportable segments' profits: Subscription and Software Services and Other Total (Dollars in Thousands) Year Ended June 30, 2019: Segment revenue $ 569,558 $ 28,787 $ 598,345 Segment expenses(1) (220,764 ) (31,548 ) (252,312 ) Segment profit $ 348,794 $ (2,761 ) $ 346,033 Year Ended June 30, 2018, As Adjusted: Segment revenue $ 487,614 $ 31,245 $ 518,859 Segment expenses(1) (204,457 ) (28,000 ) (232,457 ) Segment profit $ 283,157 $ 3,245 $ 286,402 Year Ended June 30, 2017, As Adjusted: Segment revenue $ 464,271 $ 30,156 $ 494,427 Segment expenses(1) (192,559 ) (26,414 ) (218,973 ) Segment profit $ 271,712 $ 3,742 $ 275,454 ____________________________________________ (1) Our reportable segments’ operating expenses include expenses directly attributable to the segments. Segment expenses include selling and marketing and research and development expenses. Segment expenses do not include allocations of general and administrative expense; interest income, net; and other (expense), net. |
Reconciliation of total segment operating profit to income before provision for income taxes | The following table presents a reconciliation of total segment operating profit to income before provision for income taxes: Year Ended June 30, 2019 2018 2017 As Adjusted As Adjusted (Dollars in Thousands) Total segment profit for reportable segments $ 346,033 $ 286,402 $ 275,454 General and administrative (63,231 ) (67,181 ) (58,735 ) Interest income 28,457 24,954 22,942 Interest (expense) (8,733 ) (5,691 ) (3,787 ) Other (expense) income, net 664 (838 ) 1,309 Income before income taxes $ 303,190 $ 237,646 $ 237,183 |
Domestic and international Sales as a Percentage of total revenue |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly consolidated statement of operations data | The following tables present quarterly consolidated statement of operations data for fiscal 2019 and 2018 . The below data is unaudited but, in our opinion, reflects all adjustments necessary for a fair presentation of this data in accordance with GAAP: Three Months Ended June 30, March 31, December 31, 2018 September 30, (Dollars and Shares in Thousands, Except per Share Data) Total revenue $ 195,769 $ 147,984 $ 140,423 $ 114,169 Gross profit 180,279 133,624 125,684 100,942 Income from operations 111,223 70,831 63,758 36,990 Net income 103,865 61,587 59,217 38,066 Net income per common share: Basic $ 1.51 $ 0.89 $ 0.84 $ 0.54 Diluted $ 1.49 $ 0.88 $ 0.83 $ 0.53 Weighted average shares outstanding: Basic 68,839 69,423 70,428 70,988 Diluted 69,638 70,160 71,148 72,015 Three Months Ended June 30, March 31, December 31, 2017 September 30, As Adjusted (Dollars and Shares in Thousands, Except per Share Data) Total revenue $ 159,084 $ 127,759 $ 105,529 $ 126,487 Gross profit 146,037 114,983 93,440 113,755 Income from operations 79,784 53,620 30,104 55,714 Net income 76,646 44,506 132,030 40,521 Net income per common share: Basic $ 1.07 $ 0.62 $ 1.83 $ 0.55 Diluted $ 1.06 $ 0.61 $ 1.81 $ 0.55 Weighted average shares outstanding: Basic 71,349 71,828 72,342 73,024 Diluted 72,315 72,663 73,036 73,609 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Schedule II - Valuation and Qualifying Accounts Description Balance at Beginning of Year Additions: Charges to Costs and Expenses Deductions: Returns and Write-Offs Balance at End of Year (Dollars in Thousands) Year ended June 30, 2019 Allowance for doubtful accounts $ (2,703 ) $ (1,621 ) $ 975 $ (3,349 ) Year ended June 30, 2018, As Adjusted Allowance for doubtful accounts (1,285 ) (2,463 ) 1,045 (2,703 ) Year ended June 30, 2017, As Adjusted Allowance for doubtful accounts (1,604 ) (1,338 ) 1,657 (1,285 ) |
Operations - Narrative (Details
Operations - Narrative (Details) | Jun. 30, 2019country |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries of operations | 32 |
Significant Accounting Polici_3
Significant Accounting Policies - Computer Software Development Costs (Details) - Computer Software Development Costs - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Computer Software Development Costs for Internal Use | |||
Maximum period over which amortization of computer software development costs provided on a product-by-product basis using straight-line method | 3 years | ||
Computer software cost capitalized | $ 1.1 | $ 0.4 | $ 0.4 |
Amortization expense charged to operations | 0.5 | 0.4 | $ 0.5 |
Computer software development accumulated amortization | $ 75.1 | $ 74.7 | |
Weighted average remaining useful life of computer software development costs | 2 years 6 months | 1 year |
Significant Accounting Polici_4
Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Foreign Currency Transactions | |||
Net foreign currency transaction and remeasurement gains (losses) | $ 0.7 | $ (0.8) | $ 0.6 |
Significant Accounting Polici_5
Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Concentration Risk [Line Items] | ||
Concentration risk, number of customers | no | one |
Customer One | Accounts and installments receivable | Customers concentration risk | ||
Concentration of Credit Risk | ||
Percentage of total receivables | 10.00% | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Customer One | Accounts and installments receivable | Customers concentration risk | ||
Concentration of Credit Risk | ||
Percentage of total receivables | 12.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Computer Software Developed For Internal Use (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Software Development | |||
Computer Software Development Costs for Internal Use | |||
Capitalized costs for computer software developed for internal use, net | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_7
Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Comprehensive Income | ||
Foreign translation adjustments | $ 0.3 | $ 1.4 |
Significant Accounting Polici_8
Significant Accounting Policies - Advertising Costs & Research and Development Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Advertising expenses | |||
Advertising expenses | $ 4.4 | $ 3.2 | $ 3.2 |
Research and Development Expense | |||
Technology acquired | $ 2.3 |
Significant Accounting Polici_9
Significant Accounting Policies Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Total revenue | $ 195,769 | $ 147,984 | $ 140,423 | $ 114,169 | |||||||
Interest and Other Income | $ 28,457 | $ 231 | $ 808 | ||||||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0 | ||||||||||
Research and Development Expense | 2,300 | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Total revenue | $ 159,084 | $ 127,759 | $ 105,529 | $ 126,487 | |||||||
Interest and Other Income | 24,954 | 22,942 | |||||||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0 | $ 5,965 | |||||||||
Accounting Standards Update 2016-09 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Increase (Decrease) in Income Taxes | $ 3,800 | $ 3,000 | |||||||||
EffectiveIncomeTaxRateReconciliationChangeInTaxRateDueToExcessTaxBenefitsRecognizedFromShareBasedCompensation | (1.00%) | 1.00% | |||||||||
Accounting Standards Update 2018-15 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Computer software cost capitalized | $ 800 | ||||||||||
Research and Development Expense | 100 | ||||||||||
Minimum | Accounting Standards Update 2016-02 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Operating Lease, Right-of-Use Asset | 32,000 | 32,000 | |||||||||
Operating Lease, Liability | 32,000 | 32,000 | |||||||||
Maximum | Accounting Standards Update 2016-02 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Operating Lease, Right-of-Use Asset | 36,000 | 36,000 | |||||||||
Operating Lease, Liability | $ 36,000 | $ 36,000 |
Significant Accounting Polic_10
Significant Accounting Policies Significant Accounting Policies - Income Taxes (Details) | Jun. 30, 2019 |
Significant Accounting Policies - Income Taxes (Details) [Abstract] | |
Tax Benefit, Percent Recognized | 50.00% |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Recognized Deferred Revenue | $ 14,000 | |
Contract assets | 619,703 | |
Deferred revenue | (44,891) | |
Net contract assets | $ 574,812 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | ||
Contract assets | $ 557,377 | |
Deferred revenue | (27,504) | |
Net contract assets | $ 529,873 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Contract Costs (Details) | Jun. 30, 2019 |
Minimum | |
Contract costs, amortization period | 4 years |
Maximum | |
Contract costs, amortization period | 8 years |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Transaction Price Allocated to Remaining Performance Obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | License [Member] | |
Transaction price allocated to remaining performance obligations | $ 47,869 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Maintenance [Member] | |
Transaction price allocated to remaining performance obligations | 193,348 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Services and other [Member] | |
Transaction price allocated to remaining performance obligations | 43,679 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | License [Member] | |
Transaction price allocated to remaining performance obligations | 31,944 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Maintenance [Member] | |
Transaction price allocated to remaining performance obligations | 144,734 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | Services and other [Member] | |
Transaction price allocated to remaining performance obligations | 646 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | License [Member] | |
Transaction price allocated to remaining performance obligations | 9,820 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Maintenance [Member] | |
Transaction price allocated to remaining performance obligations | 101,127 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Services and other [Member] | |
Transaction price allocated to remaining performance obligations | 594 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | License [Member] | |
Transaction price allocated to remaining performance obligations | 3,575 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Maintenance [Member] | |
Transaction price allocated to remaining performance obligations | 64,286 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Services and other [Member] | |
Transaction price allocated to remaining performance obligations | 345 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | License [Member] | |
Transaction price allocated to remaining performance obligations | 1,559 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Maintenance [Member] | |
Transaction price allocated to remaining performance obligations | 37,613 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Services and other [Member] | |
Transaction price allocated to remaining performance obligations | 74 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | License [Member] | |
Transaction price allocated to remaining performance obligations | 721 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Maintenance [Member] | |
Transaction price allocated to remaining performance obligations | 14,847 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Services and other [Member] | |
Transaction price allocated to remaining performance obligations | $ 16 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | $ 598,345 | $ 499,514 | $ 482,942 |
License [Member] | |||
Revenue | 404,122 | 0 | 0 |
Maintenance [Member] | |||
Revenue | 165,436 | 0 | 0 |
Services and other [Member] | |||
Revenue | 28,787 | 28,473 | 29,430 |
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue | 518,859 | 494,427 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | License [Member] | |||
Revenue | 326,549 | 307,259 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Maintenance [Member] | |||
Revenue | 161,065 | 157,012 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Services and other [Member] | |||
Revenue | 31,245 | 30,156 | |
United States | |||
Revenue | 219,967 | ||
United States | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue | 207,266 | 158,761 | |
Europe | |||
Revenue | 155,543 | ||
Europe | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue | 126,862 | 166,133 | |
Other [Member] | |||
Revenue | 222,835 | ||
Other [Member] | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue | 184,731 | 169,533 | |
Subscription and software | |||
Revenue | 569,558 | ||
Subscription and software | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue | 487,614 | 464,271 | |
Services and other | |||
Revenue | $ 28,787 | ||
Services and other | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Revenue | $ 31,245 | $ 30,156 |
Revenue from Contracts with C_8
Revenue from Contracts with Customers Impact to Prior Period Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Current contract assets | $ 294,193 | $ 0 | $ 294,193 | $ 0 | ||||||||
Revenue | 598,345 | 499,514 | $ 482,942 | |||||||||
Subscription and software revenue | 471,041 | 453,512 | ||||||||||
Gross profit | 180,279 | $ 133,624 | $ 125,684 | $ 100,942 | 540,529 | 448,870 | 435,476 | |||||
Selling and marketing | 111,374 | 101,077 | 92,633 | |||||||||
General and administrative | 63,231 | 56,076 | 51,297 | |||||||||
Total operating expenses | 257,727 | 239,229 | 223,460 | |||||||||
Income from operations | 111,223 | 70,831 | 63,758 | 36,990 | 282,802 | 209,641 | 212,016 | |||||
Interest income | 28,457 | 231 | 808 | |||||||||
Provision for (benefit from) income taxes | 40,456 | 54,655 | 48,150 | |||||||||
Net income | $ 103,865 | $ 61,587 | $ 59,217 | $ 38,066 | $ 262,734 | $ 148,688 | $ 162,196 | |||||
Basic (in dollars per share) | $ 1.51 | $ 0.89 | $ 0.84 | $ 0.54 | $ 3.76 | $ 2.06 | $ 2.12 | |||||
Earnings Per Share, Diluted | $ 1.49 | $ 0.88 | $ 0.83 | $ 0.53 | $ 3.71 | $ 2.04 | $ 2.11 | |||||
Basic (in shares) | 68,839 | 69,423 | 70,428 | 70,988 | 69,925 | 72,140 | 76,491 | |||||
Diluted (in shares) | 69,638 | 70,160 | 71,148 | 72,015 | 70,787 | 72,956 | 76,978 | |||||
Contract costs | $ 24,982 | 0 | $ 24,982 | $ 0 | ||||||||
Accounts receivable, net | 47,784 | 21,910 | 47,784 | 21,910 | ||||||||
Non-current contract assets | 325,510 | 0 | 325,510 | 0 | ||||||||
Non-current deferred tax assets | 1,669 | 11,090 | 1,669 | 11,090 | ||||||||
Assets | 903,065 | 264,924 | 903,065 | 264,924 | ||||||||
Current deferred revenue | 25,318 | 286,845 | 25,318 | 286,845 | ||||||||
Non-current deferred revenue | 19,573 | 28,259 | 19,573 | 28,259 | ||||||||
Deferred income taxes | 159,071 | 0 | 159,071 | 0 | ||||||||
Other non-current liabilities | 10,381 | 18,492 | 10,381 | 18,492 | ||||||||
Retained earnings | 1,259,984 | 305,208 | 1,259,984 | 305,208 | ||||||||
Total liabilities and stockholders' equity | $ 903,065 | 264,924 | 903,065 | 264,924 | ||||||||
Deferred income taxes | (26,839) | 3,193 | $ (4,286) | |||||||||
Contract assets | (59,322) | 0 | 0 | |||||||||
Contract costs | (4,482) | 0 | 0 | |||||||||
Accounts receivable | (6,626) | (4,327) | (7,480) | |||||||||
Deferred revenue | 17,799 | 13,700 | 18,477 | |||||||||
Net cash provided by operating activities | 238,313 | 206,936 | 182,386 | |||||||||
License [Member] | ||||||||||||
Revenue | 404,122 | 0 | 0 | |||||||||
Maintenance [Member] | ||||||||||||
Revenue | 165,436 | 0 | 0 | |||||||||
Services and other [Member] | ||||||||||||
Revenue | 28,787 | 28,473 | 29,430 | |||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | ||||||||||||
Current contract assets | $ 270,732 | $ 265,686 | $ 238,495 | 237,537 | 237,537 | |||||||
Revenue | 518,859 | 494,427 | ||||||||||
Subscription and software revenue | 0 | 0 | ||||||||||
Gross profit | 146,037 | $ 114,983 | $ 93,440 | $ 113,755 | 468,215 | 446,961 | ||||||
Selling and marketing | 99,737 | 91,977 | ||||||||||
General and administrative | 67,181 | 58,735 | ||||||||||
Total operating expenses | 248,994 | 230,242 | ||||||||||
Income from operations | 79,784 | 53,620 | 30,104 | 55,714 | 219,221 | 216,719 | ||||||
Interest income | 24,954 | 22,942 | ||||||||||
Provision for (benefit from) income taxes | (56,057) | 57,797 | ||||||||||
Net income | $ 76,646 | $ 44,506 | $ 132,030 | $ 40,521 | $ 293,703 | $ 179,386 | ||||||
Basic (in dollars per share) | $ 1.07 | $ 0.62 | $ 1.83 | $ 0.55 | $ 4.07 | $ 2.35 | ||||||
Earnings Per Share, Diluted | $ 1.06 | $ 0.61 | $ 1.81 | $ 0.55 | $ 4.03 | $ 2.33 | ||||||
Basic (in shares) | 71,349 | 71,828 | 72,342 | 73,024 | 72,140 | 76,491 | ||||||
Diluted (in shares) | 72,315 | 72,663 | 73,036 | 73,609 | 72,956 | 76,978 | ||||||
Contract costs | 24,325 | 23,046 | 21,296 | $ 20,500 | $ 20,500 | |||||||
Accounts receivable, net | 41,640 | 52,933 | 50,346 | 41,810 | 41,810 | |||||||
Non-current contract assets | 318,752 | 338,060 | 353,449 | 319,840 | 319,840 | |||||||
Non-current deferred tax assets | 1,696 | 1,651 | 1,176 | 1,232 | 1,232 | |||||||
Assets | 851,044 | 864,823 | 852,045 | 852,843 | 852,843 | |||||||
Current deferred revenue | 24,415 | 23,145 | 23,737 | 15,150 | 15,150 | |||||||
Non-current deferred revenue | 19,312 | 18,167 | 15,046 | 12,354 | 12,354 | |||||||
Deferred income taxes | 135,535 | 137,872 | 140,197 | 184,901 | 184,901 | |||||||
Other non-current liabilities | 12,403 | 16,192 | 16,833 | 17,068 | 17,068 | |||||||
Retained earnings | 1,156,120 | 1,094,533 | 1,035,316 | 997,250 | 997,250 | |||||||
Total liabilities and stockholders' equity | $ 851,044 | $ 864,823 | $ 852,045 | 852,843 | 852,843 | |||||||
Deferred income taxes | (110,308) | $ 5,273 | ||||||||||
Contract assets | 3,640 | (4,327) | ||||||||||
Contract costs | (617) | (203) | ||||||||||
Accounts receivable | 846 | (8,164) | ||||||||||
Deferred revenue | (17,356) | (3,058) | ||||||||||
Net cash provided by operating activities | 206,936 | 182,386 | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | License [Member] | ||||||||||||
Revenue | 326,549 | 307,259 | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Maintenance [Member] | ||||||||||||
Revenue | 161,065 | 157,012 | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Services and other [Member] | ||||||||||||
Revenue | 31,245 | 30,156 | ||||||||||
Adjustments for Topic 606 | ||||||||||||
Current contract assets | 237,537 | 237,537 | ||||||||||
Revenue | 19,345 | 11,485 | ||||||||||
Subscription and software revenue | (471,041) | (453,512) | ||||||||||
Gross profit | 19,345 | 11,485 | ||||||||||
Selling and marketing | (1,340) | (656) | ||||||||||
General and administrative | 11,105 | 7,438 | ||||||||||
Total operating expenses | 9,765 | 6,782 | ||||||||||
Income from operations | 9,580 | 4,703 | ||||||||||
Interest income | 24,723 | 22,134 | ||||||||||
Provision for (benefit from) income taxes | (110,712) | 9,647 | ||||||||||
Net income | 145,015 | 17,190 | ||||||||||
Contract costs | 20,500 | 20,500 | ||||||||||
Accounts receivable, net | 19,900 | 19,900 | ||||||||||
Non-current contract assets | 319,840 | 319,840 | ||||||||||
Non-current deferred tax assets | (9,858) | (9,858) | ||||||||||
Assets | 587,919 | 587,919 | ||||||||||
Current deferred revenue | (271,695) | (271,695) | ||||||||||
Non-current deferred revenue | (15,905) | (15,905) | ||||||||||
Deferred income taxes | 184,901 | 184,901 | ||||||||||
Other non-current liabilities | (1,424) | (1,424) | ||||||||||
Retained earnings | 692,042 | 692,042 | $ 529,837 | |||||||||
Total liabilities and stockholders' equity | $ 587,919 | 587,919 | ||||||||||
Deferred income taxes | (113,501) | 9,559 | ||||||||||
Contract assets | 3,640 | (4,327) | ||||||||||
Contract costs | (617) | (203) | ||||||||||
Accounts receivable | 3,481 | (684) | ||||||||||
Deferred revenue | (31,056) | (21,535) | ||||||||||
Net cash provided by operating activities | 0 | 0 | ||||||||||
Adjustments for Topic 606 | License [Member] | ||||||||||||
Revenue | 326,549 | 307,259 | ||||||||||
Adjustments for Topic 606 | Maintenance [Member] | ||||||||||||
Revenue | 161,065 | 157,012 | ||||||||||
Adjustments for Topic 606 | Services and other [Member] | ||||||||||||
Revenue | 2,772 | 726 | ||||||||||
Subscription and software | ||||||||||||
Revenue | $ 569,558 | |||||||||||
Subscription and software | Accounting Standards Update 2014-09 (Topic 606) [Member] | ||||||||||||
Revenue | $ 487,614 | $ 464,271 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 1 | $ 5 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accounts receivable, gross | $ 51,133 | ||||||
Allowance for doubtful accounts | (3,349) | ||||||
Accounts receivable, net | $ 47,784 | $ 21,910 | |||||
Concentration risk, number of customers | no | one | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||||
Percentage of total receivables | 10.00% | ||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||
Accounts receivable, gross | $ 44,513 | ||||||
Allowance for doubtful accounts | (2,703) | $ (1,285) | $ (1,604) | ||||
Accounts receivable, net | $ 41,810 | $ 41,640 | $ 52,933 | $ 50,346 | |||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||||
Percentage of total receivables | 12.00% |
Property and Equipment - Proper
Property and Equipment - Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, at cost | $ 48,461 | $ 51,442 |
Accumulated depreciation | (41,227) | (41,636) |
Property, equipment and leasehold improvements, net | 7,234 | 9,806 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, at cost | 6,642 | 8,344 |
Purchased software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, at cost | 22,793 | 24,225 |
Furniture & fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, at cost | 6,794 | 6,850 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, at cost | $ 12,232 | $ 12,023 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Fully depreciated property, equipment and leasehold improvements written-off, gross book value | $ 3.5 | $ 0.1 | |
Depreciation | 3.1 | 3.9 | $ 5 |
Asset retirement obligation | $ 0.9 | $ 0.9 |
Property and Equipment - Estima
Property and Equipment - Estimate Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Computer equipment | |
Property and Equipment | |
Estimated Useful Life | 3 years |
Purchased software | Minimum | |
Property and Equipment | |
Estimated Useful Life | 3 years |
Purchased software | Maximum | |
Property and Equipment | |
Estimated Useful Life | 5 years |
Furniture & fixtures | Minimum | |
Property and Equipment | |
Estimated Useful Life | 3 years |
Furniture & fixtures | Maximum | |
Property and Equipment | |
Estimated Useful Life | 10 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Jul. 12, 2019 | Jun. 12, 2019 | Feb. 05, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Acquisition | ||||||
Net foreign currency transaction and remeasurement losses | $ (700) | $ 800 | $ (600) | |||
Payments for business acquisitions, net of cash acquired | 1,700 | |||||
Goodwill | $ 78,383 | |||||
Apex Optimisation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Discount Rate | 28.00% | |||||
Business Combination, Consideration Transferred | $ 23,000 | |||||
Acquisition | ||||||
Payments for business acquisitions, net of cash acquired | $ 18,400 | |||||
Future contingent consideration payment | $ 4,600 | |||||
Effective tax rate (as a percent) | 21.00% | |||||
Goodwill | $ 15,959 | |||||
Sabisu Ltd. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 7,600 | |||||
Acquisition | ||||||
Payments for business acquisitions, net of cash acquired | $ 6,100 | |||||
Future contingent consideration payment | 1,500 | |||||
Goodwill | $ 4,783 | |||||
Mnubo [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 78,000 | |||||
Developed technology | Apex Optimisation [Member] | ||||||
Acquisition | ||||||
Finite-lived intangible asset, useful life | 7 years | |||||
Customer relationships | Apex Optimisation [Member] | ||||||
Acquisition | ||||||
Finite-lived intangible asset, useful life | 7 years | |||||
Identifiable intangible assets acquired | $ 3,800 | |||||
Customer relationships | Sabisu Ltd. [Member] | ||||||
Acquisition | ||||||
Identifiable intangible assets acquired | $ 1,525 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 12, 2019 | Feb. 05, 2018 | Jun. 30, 2019 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 1,700 | ||
Goodwill | 78,383 | ||
Sabisu Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 6,100 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500 | ||
Tangible assets acquired, net | 355 | ||
Goodwill | 4,783 | ||
Deferred tax liabilities | (564) | ||
Total assets acquired | 7,624 | ||
Sabisu Ltd. [Member] | Developed technology | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets acquired | 1,525 | ||
Sabisu Ltd. [Member] | Customer relationships | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets acquired | 1,525 | ||
Apex Optimisation [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 18,400 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 4,600 | ||
Tangible assets acquired, net | 360 | ||
Goodwill | 15,959 | ||
Deferred tax liabilities | (1,619) | ||
Total assets acquired | 23,000 | ||
Apex Optimisation [Member] | Developed technology | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets acquired | $ 4,500 | ||
Apex Optimisation [Member] | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible asset, useful life | 7 years | ||
Identifiable intangible assets acquired | $ 3,800 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 44,224 | $ 41,632 |
Accumulated Amortization | (10,399) | (5,866) |
Effect of Currency Translation | (218) | (456) |
Net Carrying Amount | 33,607 | 35,310 |
Technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,168 | 35,898 |
Accumulated Amortization | (8,868) | (5,182) |
Effect of Currency Translation | (118) | (254) |
Net Carrying Amount | 28,182 | 30,462 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,503 | 5,181 |
Accumulated Amortization | (1,039) | (377) |
Effect of Currency Translation | (100) | (202) |
Net Carrying Amount | 5,364 | 4,602 |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 553 | 553 |
Accumulated Amortization | (492) | (307) |
Effect of Currency Translation | 0 | 0 |
Net Carrying Amount | $ 61 | $ 246 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible asset amortization expense | $ 4,500 | $ 2,200 | $ 1,000 |
Amortization expense - 2020 | 5,120 | ||
Amortization expense - 2021 | 5,165 | ||
Amortization expense - 2022 | 5,104 | ||
Amortization expense - 2023 | 5,019 | ||
Amortization expense - 2024 | 4,326 | ||
Amortization expense - Thereafter | 8,873 | ||
Finite Lived Intangible Assets Future Amortization Expense | $ 33,607 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill: | |||
Goodwill, net carrying amount | $ 78,383 | ||
Subscription and software | |||
Goodwill: | |||
Goodwill, gross carrying amount | 142,316 | $ 116,833 | |
Goodwill, accumulated impairment losses | (65,569) | (65,569) | |
Goodwill, net carrying amount | 78,383 | 75,590 | $ 51,248 |
Goodwill from acquisitions, net of adjustments | 3,256 | 25,483 | |
Goodwill, effect of currency translation | (1,620) | (1,157) | (16) |
Goodwill, gross carrying amount | 145,572 | 142,316 | 116,833 |
Goodwill, accumulated impairment losses | (65,569) | (65,569) | $ (65,569) |
Goodwill Foreign Currency Translation Gain Loss [Member] | Subscription and software | |||
Goodwill: | |||
Goodwill, effect of currency translation | $ (463) | $ (1,141) |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) | 12 Months Ended | ||
Jun. 30, 2019USD ($)triggering_event | Jun. 30, 2018triggering_event | Jun. 30, 2017triggering_event | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment loss recognized | $ | $ 0 | ||
Number of triggering events indicating goodwill impairment occurred | triggering_event | 0 | 0 | 0 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accrued expenses and other current liabilities | ||
Compensation-related | $ 27,147 | $ 21,796 |
Deferred acquisition payments | 4,600 | 1,700 |
Uncertain tax positions | 3,751 | 0 |
Royalties and outside commissions | 3,665 | 3,333 |
Share repurchases | 2,432 | 1,646 |
Professional fees | 3,053 | 1,695 |
Deferred rent | 1,331 | 1,188 |
Other | 8,615 | 8,157 |
Total accrued expenses and other current liabilities | $ 54,594 | $ 39,515 |
Accrued Expenses and Other Li_4
Accrued Expenses and Other Liabilities - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 |
Other non-current liabilities | |||||
Deferred rent | $ 5,187 | ||||
Uncertain tax positions | 2,274 | ||||
Deferred acquisition payments | 1,524 | ||||
Asset retirement obligations | 914 | ||||
Other | 482 | ||||
Total other non-current liabilities | $ 10,381 | $ 18,492 | |||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||
Other non-current liabilities | |||||
Deferred rent | 6,442 | ||||
Uncertain tax positions | 4,510 | ||||
Deferred acquisition payments | 4,294 | ||||
Asset retirement obligations | 916 | ||||
Other | 906 | ||||
Total other non-current liabilities | $ 12,403 | $ 16,192 | $ 16,833 | $ 17,068 |
Credit Agreement - Narrative (D
Credit Agreement - Narrative (Details) - USD ($) | Feb. 26, 2016 | Jun. 30, 2019 | Aug. 09, 2017 |
Line of Credit Facility [Line Items] | |||
Borrowings under credit agreement | $ 220,000,000 | ||
Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Principal amount | $ 250,000,000 | $ 350,000,000 | |
Margin rate (as a percent) | 0.50% | ||
Maximum leverage ratio | 3 | ||
Minimum interest coverage ratio | 3 | ||
Federal Funds Effective Rate | Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Variable rate spread (as a percent) | 0.50% | ||
Adjusted LIBOR | Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Variable rate spread (as a percent) | 1.00% | ||
Margin rate (as a percent) | 1.50% | ||
Minimum | Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage (as a percent) | 0.20% | ||
Maximum | Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage (as a percent) | 0.30% | ||
Outstanding Borrowing 1 [Member] | Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Borrowings under credit agreement | $ 159,000,000 | ||
Effective interest rate (as a percent) | 3.91% | ||
Outstanding Borrowing 2 [Member] | Credit Agreement | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Borrowings under credit agreement | $ 61,000,000 | ||
Effective interest rate (as a percent) | 3.94% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Compensation Plans and General Award Terms (Details) - shares | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2016 | Apr. 30, 2010 | |
Stock-based compensation, additional disclosures | |||
Common stock reserved for future issuance or settlement (in shares) | 9,700,000 | ||
2016 Plan | |||
Stock-based compensation, additional disclosures | |||
Maximum number of shares authorized (in shares) | 6,000,000 | ||
Common stock reserved for future issuance or settlement (in shares) | 5,617,627 | ||
2010 Plan | |||
Stock-based compensation, additional disclosures | |||
Maximum number of shares authorized (in shares) | 7,000,000 | ||
Common stock reserved for future issuance or settlement (in shares) | 1,945,234 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 19 days | ||
General award terms | |||
Award vesting period | 4 years | ||
Stock Options | Minimum | |||
General award terms | |||
Contractual terms | 7 years | ||
Stock Options | Maximum | |||
General award terms | |||
Contractual terms | 10 years | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 8 days | ||
General award terms | |||
Award vesting period | 4 years |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-Based Compensation Accounting (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Weighted average assumptions | |||
Weighted average fair value (in dollars per share) | $ 31.25 | $ 17.07 | $ 13.16 |
Risk-free interest rate (as a percent) | 2.80% | 1.70% | 1.20% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Expected life (in years) | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 7 months 6 days |
Expected volatility factor (as a percent) | 26.60% | 28.00% | 31.30% |
Stock-Based Compensation - St_3
Stock-Based Compensation - Stock Based Compensation Expense and its Classification in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Recorded as expenses: | |||
Total stock-based compensation | $ 27,573 | ||
Cost of maintenance [Member] | |||
Recorded as expenses: | |||
Total stock-based compensation | 1,282 | ||
Cost of services and other | |||
Recorded as expenses: | |||
Total stock-based compensation | 1,420 | ||
Selling and marketing | |||
Recorded as expenses: | |||
Total stock-based compensation | 4,849 | ||
Research and development | |||
Recorded as expenses: | |||
Total stock-based compensation | 6,923 | ||
General and administrative | |||
Recorded as expenses: | |||
Total stock-based compensation | $ 13,099 | ||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Recorded as expenses: | |||
Total stock-based compensation | $ 22,688 | $ 18,800 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Cost of maintenance [Member] | |||
Recorded as expenses: | |||
Total stock-based compensation | 559 | 564 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Cost of services and other | |||
Recorded as expenses: | |||
Total stock-based compensation | 920 | 913 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Selling and marketing | |||
Recorded as expenses: | |||
Total stock-based compensation | 3,862 | 3,652 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | Research and development | |||
Recorded as expenses: | |||
Total stock-based compensation | 7,617 | 5,806 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | General and administrative | |||
Recorded as expenses: | |||
Total stock-based compensation | $ 9,730 | $ 7,865 |
Stock-Based Compensation - St_4
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock Options | |||
Stock options activity | |||
Outstanding, beginning of period (in shares) | 1,369,442 | ||
Granted (in shares) | 282,798 | ||
Exercised (in shares) | (252,975) | ||
Cancelled / Forfeited (in shares) | (95,248) | ||
Outstanding, end of period (in shares) | 1,304,017 | 1,369,442 | |
Vested and exercisable, end of period (in shares) | 842,746 | ||
Vested and expected to vest, end of period (in shares) | 1,249,802 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning of period (in dollars per share) | $ 45.93 | ||
Granted (in dollars per share) | 113.88 | $ 64.30 | $ 46.31 |
Exercised (in dollars per share) | 39.24 | ||
Cancelled / Forfeited (in dollars per share) | 68.25 | ||
Outstanding, end of period (in dollars per share) | 60.33 | $ 45.93 | |
Vested and exercisable, end of period (in dollars per share) | 48.81 | ||
Vested and expected to vest, end of period (in dollars per share) | $ 59.52 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding, end of period | 6 years 11 months 8 days | 7 years 2 months 23 days | |
Vested and exercisable, end of period | 6 years 1 month 9 days | ||
Vested and expected to vest, end of period | 6 years 10 months 13 days | ||
Aggregate Intrinsic Value | |||
Outstanding, beginning of period | $ 64,103 | ||
Outstanding, end of period | 83,388 | $ 64,103 | |
Vested and exercisable, end of period | 63,598 | ||
Vested and expected to vest, end of period | $ 80,935 | ||
Restricted Stock Units | |||
Restricted stock units activity | |||
Outstanding, beginning of period (in shares) | 621,700 | ||
Granted (in shares) | 645,146 | ||
Settled (in shares) | (392,364) | ||
Cancelled / Forfeited (in shares) | (80,764) | ||
Outstanding, end of period (in shares) | 793,718 | 621,700 | |
Vested and expected to vest (in shares) | 748,240 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period (in dollars per share) | $ 53.64 | ||
Granted (in dollars per share) | 114.72 | $ 64.32 | $ 46.59 |
Settled (RSUs) (in dollars per share) | 60.51 | ||
Cancelled / Forfeited (in dollars per share) | 68.58 | ||
Outstanding, end of period (in dollars per share) | $ 98.38 | $ 53.64 | |
Vested and expected to vest, end of period (in dollars per share) | 99.36 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Disclosures (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jul. 26, 2018 | Apr. 30, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Proceeds from issuances of shares of common stock | $ 10,864,000 | ||||||
Payments related to tax withholding | $ 14,477,000 | ||||||
Common stock reserved for future issuance or settlement (in shares) | 9,700,000 | 9,700,000 | |||||
Allocated Share-based Compensation Expense | $ 27,573,000 | ||||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in dollars per share) | $ 114.72 | $ 64.32 | $ 46.59 | ||||
Total fair value of shares vested from RSU grants | $ 39,900,000 | $ 23,000,000 | $ 16,600,000 | ||||
Total unrecognized compensation cost | $ 26,200,000 | $ 26,200,000 | |||||
Total unrecognized compensation cost, period of recognition | 2 years 5 months 8 days | ||||||
Granted (in shares) | 645,146 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 80,764 | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 8,400,000 | $ 8,400,000 | |||||
Total unrecognized compensation cost, period of recognition | 2 years 5 months 19 days | ||||||
Granted (in dollars per share) | $ 113.88 | $ 64.30 | $ 46.31 | ||||
Total intrinsic value of options exercised | $ 18,200,000 | $ 15,100,000 | $ 7,900,000 | ||||
Proceeds from issuances of shares of common stock | 10,900,000 | 13,500,000 | 9,300,000 | ||||
Payments related to tax withholding | $ 14,700,000 | $ 8,100,000 | $ 5,800,000 | ||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in shares) | 382,373 | ||||||
Allocated Share-based Compensation Expense | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 60,680 | ||||||
2010 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance or settlement (in shares) | 1,945,234 | 1,945,234 | |||||
Maximum number of shares authorized (in shares) | 7,000,000 | ||||||
2018 Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance or settlement (in shares) | 236,961 | 236,961 | |||||
Maximum number of shares authorized (in shares) | 250,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 13,039 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 900,000 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 17, 2019 | Dec. 06, 2018 | Apr. 18, 2018 | Jun. 08, 2017 | Apr. 26, 2016 | Jan. 22, 2015 | |
Common Stock | |||||||||
Approved stock repurchase program, authorized amount | $ 200,000 | $ 100,000 | $ 200,000 | $ 200,000 | $ 400,000 | $ 450,000 | |||
Repurchase of common stock (in shares) | 3,074,127 | 2,797,623 | 5,185,257 | ||||||
Repurchase of common stock, amount | $ 300,000 | $ 275,000 | |||||||
Remaining capacity under the stock repurchase program | 346,300 | ||||||||
Accelerated Share Repurchase Program [Member] | |||||||||
Common Stock | |||||||||
Repurchase of common stock (in shares) | 2,106,709 | ||||||||
Repurchase of common stock, amount | $ 100,000 | ||||||||
Open Market Transaction [Member] | |||||||||
Common Stock | |||||||||
Repurchase of common stock, amount | $ 300,000 | $ 200,000 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Treasury Stock, Value, Acquired, Cost Method | $ 300,000 | $ 275,000 | |||||||||
Net income | $ 103,865 | $ 61,587 | $ 59,217 | $ 38,066 | $ 262,734 | $ 148,688 | $ 162,196 | ||||
Basic (in shares) | 68,839,000 | 69,423,000 | 70,428,000 | 70,988,000 | 69,925,000 | 72,140,000 | 76,491,000 | ||||
Dilutive impact from employee equity awards | 862,000 | ||||||||||
Diluted (in shares) | 69,638,000 | 70,160,000 | 71,148,000 | 72,015,000 | 70,787,000 | 72,956,000 | 76,978,000 | ||||
Basic (in dollars per share) | $ 1.51 | $ 0.89 | $ 0.84 | $ 0.54 | $ 3.76 | $ 2.06 | $ 2.12 | ||||
Diluted (in dollars per share) | $ 1.49 | $ 0.88 | $ 0.83 | $ 0.53 | $ 3.71 | $ 2.04 | $ 2.11 | ||||
Employee Stock Option [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 245,252 | ||||||||||
Stock Compensation Plan [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 784,000 | 419,000 | 525,000 | ||||||||
Employee Stock Option [Member] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 103.19 | ||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 123.56 | ||||||||||
Accelerated Share Repurchase Program [Member] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 100,000 | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 200,000 | 375,000 | |||||||||
Net income | $ 76,646 | $ 44,506 | $ 132,030 | $ 40,521 | $ 293,703 | $ 179,386 | |||||
Basic (in shares) | 71,349,000 | 71,828,000 | 72,342,000 | 73,024,000 | 72,140,000 | 76,491,000 | |||||
Dilutive impact from employee equity awards | 816,000 | 487,000 | |||||||||
Diluted (in shares) | 72,315,000 | 72,663,000 | 73,036,000 | 73,609,000 | 72,956,000 | 76,978,000 | |||||
Basic (in dollars per share) | $ 1.07 | $ 0.62 | $ 1.83 | $ 0.55 | $ 4.07 | $ 2.35 | |||||
Diluted (in dollars per share) | $ 1.06 | $ 0.61 | $ 1.81 | $ 0.55 | $ 4.03 | $ 2.33 |
Income Taxes - Income (Loss) be
Income Taxes - Income (Loss) before Provision For (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income (loss) before provision for income taxes | |||
Domestic | $ 298,665 | ||
Foreign | 4,525 | ||
Income before provision for income taxes | 303,190 | ||
Federal | |||
Current | 64,194 | ||
Deferred | (26,983) | ||
State | |||
Current | 3,246 | ||
Deferred | (1,026) | ||
Foreign | |||
Current | 1,549 | ||
Deferred | (524) | ||
Provision for income taxes | $ 40,456 | $ 54,655 | $ 48,150 |
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Income (loss) before provision for income taxes | |||
Domestic | 229,745 | 228,890 | |
Foreign | 7,901 | 8,293 | |
Income before provision for income taxes | 237,646 | 237,183 | |
Federal | |||
Current | 47,734 | 69,385 | |
Deferred | (108,867) | (13,110) | |
State | |||
Current | 1,471 | 1,737 | |
Deferred | 1,042 | (771) | |
Foreign | |||
Current | 2,296 | 2,067 | |
Deferred | 267 | (1,511) | |
Provision for income taxes | $ (56,057) | $ 57,797 |
Income Taxes - Provision For (B
Income Taxes - Provision For (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Reconciliation | |||
Federal tax provision at statutory rate | $ 63,670 | ||
State income taxes | 1,540 | ||
Remeasurement of deferred taxes | 0 | ||
Foreign-derived intangible income (FDII) | (20,326) | ||
Global intangible low-taxed income (GILTI) | 797 | ||
Effect of foreign operations | 7,395 | ||
Foreign taxes and rate differences | 514 | ||
Stock-based compensation | (3,774) | ||
Tax credits | (9,677) | ||
Uncertain tax positions | 1,055 | ||
Return to provision adjustments | (482) | ||
Domestic production activity deduction | 0 | ||
Valuation allowance | (550) | ||
Other | 294 | ||
Provision for income taxes | $ 40,456 | $ 54,655 | $ 48,150 |
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Income Tax Reconciliation | |||
Federal tax provision at statutory rate | 66,683 | 83,014 | |
State income taxes | 1,503 | 1,167 | |
Remeasurement of deferred taxes | (115,536) | 0 | |
Foreign-derived intangible income (FDII) | 0 | 0 | |
Global intangible low-taxed income (GILTI) | 0 | 0 | |
Effect of foreign operations | 4,700 | 2,912 | |
Foreign taxes and rate differences | (164) | (206) | |
Stock-based compensation | (2,951) | 991 | |
Tax credits | (7,913) | (6,614) | |
Uncertain tax positions | (185) | (19,645) | |
Return to provision adjustments | (488) | 464 | |
Domestic production activity deduction | (4,869) | (6,261) | |
Valuation allowance | 2,326 | 1,522 | |
Other | 837 | 453 | |
Provision for income taxes | $ (56,057) | $ 57,797 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets: | ||
Federal and state credits | $ 4,055 | |
Capital loss carryforwards | 0 | |
Net operating loss carryforwards | 906 | |
Contract assets and costs | (156,346) | |
Deferred revenue | 5,252 | |
Other reserves and accruals | 6,082 | |
Intangible assets | 1,020 | |
Property, leasehold improvements, and other basis differences | 1,433 | |
Other temporary differences | 453 | |
Deferred tax assets, total | 19,201 | |
Deferred tax liabilities: | ||
Contract assets and costs | (8,610) | |
Intangible assets | (5,635) | |
Property, leasehold improvements, and other basis differences | (1,146) | |
Deferred Tax Liabilities, Gross | 171,737 | |
Deferred tax liabilities, total | (157,402) | |
Valuation allowance | $ (4,866) | $ (10,400) |
Accounting Standards Update 2014-09 (Topic 606) [Member] | ||
Deferred tax assets: | ||
Federal and state credits | 4,363 | |
Capital loss carryforwards | 4,856 | |
Net operating loss carryforwards | 1,452 | |
Contract assets and costs | (121,631) | |
Deferred revenue | 3,163 | |
Other reserves and accruals | 6,550 | |
Intangible assets | 1,015 | |
Property, leasehold improvements, and other basis differences | 1,646 | |
Other temporary differences | 450 | |
Deferred tax assets, total | 23,495 | |
Deferred tax liabilities: | ||
Contract assets and costs | (68,546) | |
Intangible assets | (5,231) | |
Property, leasehold improvements, and other basis differences | (1,340) | |
Deferred Tax Liabilities, Gross | 196,748 | |
Deferred tax liabilities, total | (183,669) | |
Valuation allowance | $ (10,416) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Tax Credit Carryforward | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 6.70% | |||
Deferred tax asset valuation allowance | ||||
Deferred tax asset valuation allowance | $ (10,400) | $ (4,866) | $ (10,400) | |
Unrecognized tax benefits that if recognized would reduce the effective tax rate | 5,400 | |||
Accrued interest | 500 | |||
Accrued penalties related to uncertain tax positions | 100 | |||
Benefit for interest and penalties | 100 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,800 | |||
Foreign | ||||
Tax Credit Carryforward | ||||
Net operating loss carryforwards | 900 | |||
Research and development tax credit carryforward | State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward | ||||
Tax credit carryforward | 3,900 | |||
Research and development tax credit carryforward | State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward | ||||
Tax credit carryforward | 4,000 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Tax Credit Carryforward | ||||
Increase (Decrease) in Income Taxes | $ 3,800 | $ 3,000 | ||
EffectiveIncomeTaxRateReconciliationChangeInTaxRateDueToExcessTaxBenefitsRecognizedFromShareBasedCompensation | (1.00%) | 1.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Reserve For Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reconciliation of the reserve for uncertain tax positions | |||
Uncertain tax positions, beginning of year | $ 3,931 | ||
Gross (decreases) increases - tax positions in prior period | 407 | ||
Gross increases—tax positions in current period | 1,789 | ||
Gross decreases—lapse of statutes | (740) | ||
Currency translation adjustment | (7) | ||
Uncertain tax positions, end of year | 5,380 | $ 3,931 | |
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||
Reconciliation of the reserve for uncertain tax positions | |||
Uncertain tax positions, beginning of year | $ 3,931 | 3,921 | $ 23,535 |
Gross (decreases) increases - tax positions in prior period | 544 | (19,116) | |
Gross increases—tax positions in current period | 0 | 0 | |
Gross decreases—lapse of statutes | (637) | (830) | |
Currency translation adjustment | 103 | 332 | |
Uncertain tax positions, end of year | $ 3,931 | $ 3,921 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Gross Payments | |
2020 | $ 8,399 |
2021 | 7,820 |
2022 | 6,514 |
2023 | 5,862 |
2024 | 4,932 |
Thereafter | 3,307 |
Total | $ 36,834 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Leases, Operating [Abstract] | |||
Rent expense | $ 8.3 | $ 8.2 | $ 8.4 |
Standby letters of credit | $ 3.9 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Contribution Plan [Abstract] | |||
Employer matching contributions (as a percent) | 50.00% | ||
Maximum employee's pretax contribution that can be matched (as a percent) | 6.00% | ||
Employer matching contributions | $ 2.6 | $ 2.7 | $ 2.5 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narrative (Details) $ in Millions | 12 Months Ended | |
Jun. 30, 2019USD ($)segments | Jun. 30, 2018USD ($) | |
Geographic Information | ||
Number of operating segments | segments | 2 | |
United States | ||
Geographic Information | ||
Long-lived assets | $ 79 | $ 93.9 |
Other geographic locations | ||
Geographic Information | ||
Long-lived assets | $ 44.5 | $ 39.8 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Segments' Profits (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary of operating segments | |||||||||||
Segment revenue | $ 195,769 | $ 147,984 | $ 140,423 | $ 114,169 | |||||||
Total segment profit from reportable segments | $ 111,223 | $ 70,831 | $ 63,758 | $ 36,990 | $ 282,802 | $ 209,641 | $ 212,016 | ||||
Operating segments | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | 598,345 | ||||||||||
Segment expenses | (252,312) | ||||||||||
Total segment profit from reportable segments | 346,033 | ||||||||||
Operating segments | Subscription and software | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | 569,558 | ||||||||||
Segment expenses | (220,764) | ||||||||||
Total segment profit from reportable segments | 348,794 | ||||||||||
Operating segments | Services and other | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | 28,787 | ||||||||||
Segment expenses | (31,548) | ||||||||||
Total segment profit from reportable segments | $ (2,761) | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | $ 159,084 | $ 127,759 | $ 105,529 | $ 126,487 | |||||||
Total segment profit from reportable segments | $ 79,784 | $ 53,620 | $ 30,104 | $ 55,714 | 219,221 | 216,719 | |||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Operating segments | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | 518,859 | 494,427 | |||||||||
Segment expenses | (232,457) | (218,973) | |||||||||
Total segment profit from reportable segments | 286,402 | 275,454 | |||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Operating segments | Subscription and software | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | 487,614 | 464,271 | |||||||||
Segment expenses | (204,457) | (192,559) | |||||||||
Total segment profit from reportable segments | 283,157 | 271,712 | |||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Operating segments | Services and other | |||||||||||
Summary of operating segments | |||||||||||
Segment revenue | 31,245 | 30,156 | |||||||||
Segment expenses | (28,000) | (26,414) | |||||||||
Total segment profit from reportable segments | $ 3,245 | $ 3,742 |
Segment and Geographic Inform_5
Segment and Geographic Information - Reconciliation of Total Segment Operating Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reconciliation to Income Before Income Taxes | |||||||||||
Total segment profit from reportable segments | $ 111,223 | $ 70,831 | $ 63,758 | $ 36,990 | $ 282,802 | $ 209,641 | $ 212,016 | ||||
General and administrative | (63,231) | (56,076) | (51,297) | ||||||||
Interest income | 28,457 | 231 | 808 | ||||||||
Interest (expense) | (8,733) | ||||||||||
Other (expense) income, net | 664 | ||||||||||
Income before income taxes | 303,190 | ||||||||||
Operating segments | |||||||||||
Reconciliation to Income Before Income Taxes | |||||||||||
Total segment profit from reportable segments | 346,033 | ||||||||||
Segment reconciling items | |||||||||||
Reconciliation to Income Before Income Taxes | |||||||||||
General and administrative | (63,231) | ||||||||||
Interest income | 28,457 | ||||||||||
Interest (expense) | (8,733) | ||||||||||
Other (expense) income, net | $ 664 | ||||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||||||
Reconciliation to Income Before Income Taxes | |||||||||||
Total segment profit from reportable segments | $ 79,784 | $ 53,620 | $ 30,104 | $ 55,714 | 219,221 | 216,719 | |||||
General and administrative | (67,181) | (58,735) | |||||||||
Interest income | 24,954 | 22,942 | |||||||||
Interest (expense) | (5,691) | (3,787) | |||||||||
Other (expense) income, net | (838) | 1,309 | |||||||||
Income before income taxes | 237,646 | 237,183 | |||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Operating segments | |||||||||||
Reconciliation to Income Before Income Taxes | |||||||||||
Total segment profit from reportable segments | 286,402 | 275,454 | |||||||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | Segment reconciling items | |||||||||||
Reconciliation to Income Before Income Taxes | |||||||||||
General and administrative | (67,181) | (58,735) | |||||||||
Interest income | 24,954 | 22,942 | |||||||||
Interest (expense) | (5,691) | (3,787) | |||||||||
Other (expense) income, net | $ (838) | $ 1,309 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash and cash equivalents | $ 71,926 | $ 96,165 | $ 71,926 | $ 96,165 | ||||||||
Accounts Receivable, Net, Current | 47,784 | 21,910 | 47,784 | 21,910 | ||||||||
Current contract assets | 294,193 | 0 | 294,193 | 0 | ||||||||
Prepaid expenses and other current assets | 12,628 | 12,628 | ||||||||||
Prepaid income taxes | 2,509 | 2,509 | ||||||||||
Assets, Current | 429,040 | 429,040 | ||||||||||
Property, equipment and leasehold improvements, net | 7,234 | 9,806 | 7,234 | 9,806 | ||||||||
Computer software development costs, net | 1,306 | 1,306 | ||||||||||
Goodwill | 78,383 | 78,383 | ||||||||||
Intangible assets, net | 33,607 | 35,310 | 33,607 | 35,310 | ||||||||
Non-current contract assets | 325,510 | 0 | 325,510 | 0 | ||||||||
Contract costs | 24,982 | 0 | 24,982 | 0 | ||||||||
Non-current deferred tax assets | 1,669 | 11,090 | 1,669 | 11,090 | ||||||||
Other non-current assets | 1,334 | 1,334 | ||||||||||
Assets | 903,065 | 264,924 | 903,065 | 264,924 | ||||||||
Accounts payable | 5,891 | 5,891 | ||||||||||
Accrued expenses and other current liabilities | 54,594 | 39,515 | 54,594 | 39,515 | ||||||||
Income taxes payable | 14,952 | 14,952 | ||||||||||
Borrowings under credit agreement | 220,000 | 220,000 | ||||||||||
Current deferred revenue | 25,318 | 286,845 | 25,318 | 286,845 | ||||||||
Liabilities, Current | 320,755 | 320,755 | ||||||||||
Non-current deferred revenue | 19,573 | 28,259 | 19,573 | 28,259 | ||||||||
Deferred income taxes | 159,071 | 0 | 159,071 | 0 | ||||||||
Other non-current liabilities | 10,381 | 18,492 | 10,381 | 18,492 | ||||||||
Commitments and contingencies (Note 16) | ||||||||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | ||||||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,365 | 10,365 | ||||||||||
Additional paid-in capital | 739,099 | 739,099 | ||||||||||
Retained earnings | 1,259,984 | 305,208 | 1,259,984 | 305,208 | ||||||||
Accumulated other comprehensive income | 336 | 336 | ||||||||||
Treasury Stock, Value | (1,616,499) | (1,616,499) | ||||||||||
Stockholders' Equity Attributable to Parent | 393,285 | 393,285 | $ (75,034) | |||||||||
Total liabilities and stockholders' equity | 903,065 | 264,924 | 903,065 | 264,924 | ||||||||
Total revenue | 195,769 | $ 147,984 | $ 140,423 | $ 114,169 | ||||||||
Gross profit | 180,279 | 133,624 | 125,684 | 100,942 | 540,529 | 448,870 | $ 435,476 | |||||
Income from operations | 111,223 | 70,831 | 63,758 | 36,990 | 282,802 | 209,641 | 212,016 | |||||
Net income | $ 103,865 | $ 61,587 | $ 59,217 | $ 38,066 | $ 262,734 | $ 148,688 | $ 162,196 | |||||
Net income per common share: | ||||||||||||
Basic (in dollars per share) | $ 1.51 | $ 0.89 | $ 0.84 | $ 0.54 | $ 3.76 | $ 2.06 | $ 2.12 | |||||
Diluted (in dollars per share) | $ 1.49 | $ 0.88 | $ 0.83 | $ 0.53 | $ 3.71 | $ 2.04 | $ 2.11 | |||||
Weighted average shares outstanding: | ||||||||||||
Basic (in shares) | 68,839 | 69,423 | 70,428 | 70,988 | 69,925 | 72,140 | 76,491 | |||||
Diluted (in shares) | 69,638 | 70,160 | 71,148 | 72,015 | 70,787 | 72,956 | 76,978 | |||||
Accounting Standards Update 2014-09 (Topic 606) [Member] | ||||||||||||
Cash and cash equivalents | $ 65,592 | $ 54,428 | $ 52,048 | 96,165 | $ 96,165 | $ 101,954 | 318,336 | |||||
Accounts Receivable, Net, Current | 41,640 | 52,933 | 50,346 | 41,810 | 41,810 | |||||||
Current contract assets | 270,732 | 265,686 | 238,495 | 237,537 | 237,537 | |||||||
Current contract costs | 0 | 0 | 0 | 0 | 0 | |||||||
Prepaid expenses and other current assets | 11,124 | 10,330 | 12,992 | 10,509 | 10,509 | |||||||
Prepaid income taxes | 1,573 | 921 | 1,422 | 2,601 | 2,601 | |||||||
Assets, Current | 390,661 | 384,298 | 355,303 | 388,622 | 388,622 | |||||||
Property, equipment and leasehold improvements, net | 7,589 | 8,311 | 9,006 | 9,806 | 9,806 | |||||||
Computer software development costs, net | 1,452 | 691 | 695 | 646 | 646 | |||||||
Goodwill | 73,534 | 74,802 | 75,649 | 75,590 | 75,590 | |||||||
Intangible assets, net | 31,756 | 32,889 | 34,192 | 35,310 | 35,310 | |||||||
Non-current contract assets | 318,752 | 338,060 | 353,449 | 319,840 | 319,840 | |||||||
Contract costs | 24,325 | 23,046 | 21,296 | 20,500 | 20,500 | |||||||
Non-current deferred tax assets | 1,696 | 1,651 | 1,176 | 1,232 | 1,232 | |||||||
Other non-current assets | 1,279 | 1,075 | 1,279 | 1,297 | 1,297 | |||||||
Assets | 851,044 | 864,823 | 852,045 | 852,843 | 852,843 | |||||||
Accounts payable | 4,023 | 5,249 | 2,501 | 4,230 | 4,230 | |||||||
Accrued expenses and other current liabilities | 42,746 | 36,688 | 32,000 | 39,515 | 39,515 | |||||||
Income taxes payable | 35,582 | 43,573 | 46,869 | 1,698 | 1,698 | |||||||
Borrowings under credit agreement | 220,000 | 220,000 | 170,000 | 170,000 | 170,000 | |||||||
Current deferred revenue | 24,415 | 23,145 | 23,737 | 15,150 | 15,150 | |||||||
Liabilities, Current | 326,766 | 328,655 | 275,107 | 230,593 | 230,593 | |||||||
Non-current deferred revenue | 19,312 | 18,167 | 15,046 | 12,354 | 12,354 | |||||||
Deferred income taxes | 135,535 | 137,872 | 140,197 | 184,901 | 184,901 | |||||||
Other non-current liabilities | 12,403 | 16,192 | 16,833 | 17,068 | 17,068 | |||||||
Commitments and contingencies (Note 16) | ||||||||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | 0 | |||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,348 | 10,340 | 10,328 | 10,313 | 10,313 | |||||||
Additional paid-in capital | 730,830 | 725,493 | 724,752 | 715,475 | 715,475 | |||||||
Retained earnings | 1,156,120 | 1,094,533 | 1,035,316 | 997,250 | 997,250 | |||||||
Accumulated other comprehensive income | 1,229 | 70 | 965 | 1,388 | 1,388 | |||||||
Treasury Stock, Value | (1,541,499) | (1,466,499) | (1,366,499) | (1,316,499) | (1,316,499) | |||||||
Stockholders' Equity Attributable to Parent | 357,028 | 363,937 | 404,862 | 407,927 | 407,927 | 286,243 | $ 454,803 | |||||
Total liabilities and stockholders' equity | 851,044 | 864,823 | 852,045 | 852,843 | 852,843 | |||||||
Total revenue | 159,084 | $ 127,759 | $ 105,529 | $ 126,487 | ||||||||
Gross profit | 146,037 | 114,983 | 93,440 | 113,755 | 468,215 | 446,961 | ||||||
Income from operations | 79,784 | 53,620 | 30,104 | 55,714 | 219,221 | 216,719 | ||||||
Net income | $ 76,646 | $ 44,506 | $ 132,030 | $ 40,521 | $ 293,703 | $ 179,386 | ||||||
Net income per common share: | ||||||||||||
Basic (in dollars per share) | $ 1.07 | $ 0.62 | $ 1.83 | $ 0.55 | $ 4.07 | $ 2.35 | ||||||
Diluted (in dollars per share) | $ 1.06 | $ 0.61 | $ 1.81 | $ 0.55 | $ 4.03 | $ 2.33 | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic (in shares) | 71,349 | 71,828 | 72,342 | 73,024 | 72,140 | 76,491 | ||||||
Diluted (in shares) | 72,315 | 72,663 | 73,036 | 73,609 | 72,956 | 76,978 | ||||||
Previously Reported [Member] | Accounting Standards Update 2014-09 (Topic 606) [Member] | ||||||||||||
Cash and cash equivalents | 65,592 | 54,428 | 52,048 | $ 96,165 | $ 96,165 | |||||||
Accounts Receivable, Net, Current | 45,293 | 56,586 | 53,999 | 41,810 | 41,810 | |||||||
Current contract assets | 314,745 | 321,135 | 317,967 | 304,378 | 304,378 | |||||||
Current contract costs | 24,325 | 23,046 | 21,296 | 20,500 | 20,500 | |||||||
Prepaid expenses and other current assets | 11,124 | 10,330 | 12,992 | 10,509 | 10,509 | |||||||
Prepaid income taxes | 1,573 | 921 | 1,422 | 2,601 | 2,601 | |||||||
Assets, Current | 462,652 | 466,446 | 459,724 | 475,963 | 475,963 | |||||||
Property, equipment and leasehold improvements, net | 7,589 | 8,311 | 9,006 | 9,806 | 9,806 | |||||||
Computer software development costs, net | 1,452 | 691 | 695 | 646 | 646 | |||||||
Goodwill | 73,534 | 74,802 | 75,649 | 75,590 | 75,590 | |||||||
Intangible assets, net | 31,756 | 32,889 | 34,192 | 35,310 | 35,310 | |||||||
Non-current contract assets | 358,709 | 366,581 | 357,947 | 340,622 | 340,622 | |||||||
Contract costs | 0 | 0 | 0 | 0 | 0 | |||||||
Non-current deferred tax assets | 1,696 | 1,651 | 1,176 | 11,090 | 11,090 | |||||||
Other non-current assets | 1,279 | 1,075 | 1,279 | 1,297 | 1,297 | |||||||
Assets | 938,667 | 952,446 | 939,668 | 950,324 | 950,324 | |||||||
Accounts payable | 4,023 | 5,249 | 2,501 | 4,230 | 4,230 | |||||||
Accrued expenses and other current liabilities | 42,746 | 36,688 | 32,000 | 39,515 | 39,515 | |||||||
Income taxes payable | 35,582 | 43,573 | 46,869 | 1,698 | 1,698 | |||||||
Borrowings under credit agreement | 220,000 | 220,000 | 170,000 | 170,000 | 170,000 | |||||||
Current deferred revenue | 24,415 | 23,145 | 23,737 | 15,150 | 15,150 | |||||||
Liabilities, Current | 326,766 | 328,655 | 275,107 | 230,593 | 230,593 | |||||||
Non-current deferred revenue | 19,312 | 18,167 | 15,046 | 12,354 | 12,354 | |||||||
Deferred income taxes | 154,901 | 157,238 | 159,563 | 214,125 | 214,125 | |||||||
Other non-current liabilities | 12,403 | 16,192 | 16,833 | 17,068 | 17,068 | |||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | 0 | |||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,348 | 10,340 | 10,328 | 10,313 | 10,313 | |||||||
Additional paid-in capital | 730,830 | 725,493 | 724,752 | 715,475 | 715,475 | |||||||
Retained earnings | 1,224,377 | 1,162,790 | 1,103,573 | 1,065,507 | 1,065,507 | |||||||
Accumulated other comprehensive income | 1,229 | 70 | 965 | 1,388 | 1,388 | |||||||
Treasury Stock, Value | (1,541,499) | (1,466,499) | (1,366,499) | (1,316,499) | (1,316,499) | |||||||
Stockholders' Equity Attributable to Parent | 425,285 | 432,194 | 473,119 | 476,184 | 476,184 | |||||||
Total liabilities and stockholders' equity | 938,667 | 952,446 | 939,668 | 950,324 | 950,324 | |||||||
Restatement Adjustment [Member] | ||||||||||||
Accounts Receivable, Net, Current | 3,700 | |||||||||||
Deferred income taxes | 19,400 | 19,400 | 19,400 | |||||||||
Retained earnings | 68,300 | 68,300 | 68,300 | |||||||||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 (Topic 606) [Member] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |||||||
Accounts Receivable, Net, Current | (3,653) | (3,653) | (3,653) | 0 | 0 | |||||||
Current contract assets | (44,013) | (55,449) | (79,472) | (66,841) | (66,841) | |||||||
Current contract costs | (24,325) | (23,046) | (21,296) | (20,500) | (20,500) | |||||||
Prepaid expenses and other current assets | 0 | 0 | 0 | 0 | 0 | |||||||
Prepaid income taxes | 0 | 0 | 0 | 0 | 0 | |||||||
Assets, Current | (71,991) | (82,148) | (104,421) | (87,341) | (87,341) | |||||||
Property, equipment and leasehold improvements, net | 0 | 0 | 0 | 0 | 0 | |||||||
Computer software development costs, net | 0 | 0 | 0 | 0 | 0 | |||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | |||||||
Non-current contract assets | (39,957) | (28,521) | (4,498) | (20,782) | (20,782) | |||||||
Contract costs | 24,325 | 23,046 | 21,296 | 20,500 | 20,500 | |||||||
Non-current deferred tax assets | 0 | 0 | 0 | (9,858) | (9,858) | |||||||
Other non-current assets | 0 | 0 | 0 | 0 | 0 | |||||||
Assets | (87,623) | (87,623) | (87,623) | (97,481) | (97,481) | |||||||
Accounts payable | 0 | 0 | 0 | 0 | 0 | |||||||
Accrued expenses and other current liabilities | 0 | 0 | 0 | 0 | 0 | |||||||
Income taxes payable | 0 | 0 | 0 | 0 | 0 | |||||||
Borrowings under credit agreement | 0 | 0 | 0 | 0 | 0 | |||||||
Current deferred revenue | 0 | 0 | 0 | 0 | 0 | |||||||
Liabilities, Current | 0 | 0 | 0 | 0 | 0 | |||||||
Non-current deferred revenue | 0 | 0 | 0 | 0 | 0 | |||||||
Deferred income taxes | (19,366) | (19,366) | (19,366) | (29,224) | (29,224) | |||||||
Other non-current liabilities | 0 | 0 | 0 | 0 | 0 | |||||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | 0 | |||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 0 | 0 | 0 | 0 | 0 | |||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | |||||||
Retained earnings | (68,257) | (68,257) | (68,257) | (68,257) | (68,257) | |||||||
Accumulated other comprehensive income | 0 | 0 | 0 | 0 | 0 | |||||||
Treasury Stock, Value | 0 | 0 | 0 | 0 | 0 | |||||||
Stockholders' Equity Attributable to Parent | (68,257) | (68,257) | (68,257) | (68,257) | (68,257) | |||||||
Total liabilities and stockholders' equity | $ (87,623) | $ (87,623) | $ (87,623) | $ (97,481) | $ (97,481) |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) Restatement of Previously Issued Unaudited Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Series D redeemable convertible preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
Cash and cash equivalents | $ 71,926 | $ 96,165 | |||||
Accounts Receivable, Net, Current | 47,784 | 21,910 | |||||
Current contract assets | 294,193 | 0 | |||||
Prepaid expenses and other current assets | 12,628 | ||||||
Prepaid income taxes | 2,509 | ||||||
Assets, Current | 429,040 | ||||||
Property, equipment and leasehold improvements, net | 7,234 | 9,806 | |||||
Computer software development costs, net | 1,306 | ||||||
Goodwill | 78,383 | ||||||
Intangible assets, net | 33,607 | 35,310 | |||||
Non-current contract assets | 325,510 | 0 | |||||
Contract costs | 24,982 | 0 | |||||
Non-current deferred tax assets | 1,669 | 11,090 | |||||
Other non-current assets | 1,334 | ||||||
Assets | 903,065 | 264,924 | |||||
Accounts payable | 5,891 | ||||||
Accrued expenses and other current liabilities | 54,594 | 39,515 | |||||
Income taxes payable | 14,952 | ||||||
Borrowings under credit agreement | 220,000 | ||||||
Current deferred revenue | 25,318 | 286,845 | |||||
Liabilities, Current | 320,755 | ||||||
Non-current deferred revenue | 19,573 | 28,259 | |||||
Deferred income taxes | 159,071 | 0 | |||||
Other non-current liabilities | 10,381 | 18,492 | |||||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | ||||||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,365 | ||||||
Additional paid-in capital | 739,099 | ||||||
Retained earnings | 1,259,984 | 305,208 | |||||
Accumulated other comprehensive income | 336 | ||||||
Treasury Stock, Value | (1,616,499) | ||||||
Stockholders' Equity Attributable to Parent | 393,285 | $ (75,034) | |||||
Total liabilities and stockholders' equity | $ 903,065 | $ 264,924 | |||||
Series D redeemable convertible preferred stock, authorized | 3,636 | 3,636 | 3,636 | 3,636 | 3,636 | ||
Series D redeemable convertible preferred stock, issued | 0 | 0 | 0 | 0 | 0 | ||
Series D redeemable convertible preferred stock, outstanding | 0 | 0 | 0 | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
Common stock, authorized | 210,000,000 | 210,000,000 | 210,000,000 | 210,000,000 | 210,000,000 | ||
Common stock, issued | 103,642,292 | 103,478,590 | 103,395,683 | 103,279,138 | 103,130,300 | ||
Common stock, outstanding | 68,624,566 | 69,108,515 | 69,803,177 | 70,862,163 | 71,186,701 | ||
Treasury stock, shares | 35,017,726 | 34,370,075 | 33,592,506 | 32,416,975 | 31,943,599 | ||
Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||
Cash and cash equivalents | $ 65,592 | $ 54,428 | $ 52,048 | $ 96,165 | $ 101,954 | 318,336 | |
Accounts Receivable, Net, Current | 41,640 | 52,933 | 50,346 | 41,810 | |||
Current contract assets | 270,732 | 265,686 | 238,495 | 237,537 | |||
Current contract costs | 0 | 0 | 0 | 0 | |||
Prepaid expenses and other current assets | 11,124 | 10,330 | 12,992 | 10,509 | |||
Prepaid income taxes | 1,573 | 921 | 1,422 | 2,601 | |||
Assets, Current | 390,661 | 384,298 | 355,303 | 388,622 | |||
Property, equipment and leasehold improvements, net | 7,589 | 8,311 | 9,006 | 9,806 | |||
Computer software development costs, net | 1,452 | 691 | 695 | 646 | |||
Goodwill | 73,534 | 74,802 | 75,649 | 75,590 | |||
Intangible assets, net | 31,756 | 32,889 | 34,192 | 35,310 | |||
Non-current contract assets | 318,752 | 338,060 | 353,449 | 319,840 | |||
Contract costs | 24,325 | 23,046 | 21,296 | 20,500 | |||
Non-current deferred tax assets | 1,696 | 1,651 | 1,176 | 1,232 | |||
Other non-current assets | 1,279 | 1,075 | 1,279 | 1,297 | |||
Assets | 851,044 | 864,823 | 852,045 | 852,843 | |||
Accounts payable | 4,023 | 5,249 | 2,501 | 4,230 | |||
Accrued expenses and other current liabilities | 42,746 | 36,688 | 32,000 | 39,515 | |||
Income taxes payable | 35,582 | 43,573 | 46,869 | 1,698 | |||
Borrowings under credit agreement | 220,000 | 220,000 | 170,000 | 170,000 | |||
Current deferred revenue | 24,415 | 23,145 | 23,737 | 15,150 | |||
Liabilities, Current | 326,766 | 328,655 | 275,107 | 230,593 | |||
Non-current deferred revenue | 19,312 | 18,167 | 15,046 | 12,354 | |||
Deferred income taxes | 135,535 | 137,872 | 140,197 | 184,901 | |||
Other non-current liabilities | 12,403 | 16,192 | 16,833 | 17,068 | |||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | |||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,348 | 10,340 | 10,328 | 10,313 | |||
Additional paid-in capital | 730,830 | 725,493 | 724,752 | 715,475 | |||
Retained earnings | 1,156,120 | 1,094,533 | 1,035,316 | 997,250 | |||
Accumulated other comprehensive income | 1,229 | 70 | 965 | 1,388 | |||
Treasury Stock, Value | (1,541,499) | (1,466,499) | (1,366,499) | (1,316,499) | |||
Stockholders' Equity Attributable to Parent | 357,028 | 363,937 | 404,862 | 407,927 | $ 286,243 | $ 454,803 | |
Total liabilities and stockholders' equity | 851,044 | 864,823 | 852,045 | 852,843 | |||
Restatement Adjustment [Member] | |||||||
Accounts Receivable, Net, Current | 3,700 | ||||||
Deferred income taxes | 19,400 | 19,400 | |||||
Retained earnings | 68,300 | 68,300 | |||||
Restatement Adjustment [Member] | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Accounts Receivable, Net, Current | (3,653) | (3,653) | (3,653) | 0 | |||
Current contract assets | (44,013) | (55,449) | (79,472) | (66,841) | |||
Current contract costs | (24,325) | (23,046) | (21,296) | (20,500) | |||
Prepaid expenses and other current assets | 0 | 0 | 0 | 0 | |||
Prepaid income taxes | 0 | 0 | 0 | 0 | |||
Assets, Current | (71,991) | (82,148) | (104,421) | (87,341) | |||
Property, equipment and leasehold improvements, net | 0 | 0 | 0 | 0 | |||
Computer software development costs, net | 0 | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | 0 | |||
Intangible assets, net | 0 | 0 | 0 | 0 | |||
Non-current contract assets | (39,957) | (28,521) | (4,498) | (20,782) | |||
Contract costs | 24,325 | 23,046 | 21,296 | 20,500 | |||
Non-current deferred tax assets | 0 | 0 | 0 | (9,858) | |||
Other non-current assets | 0 | 0 | 0 | 0 | |||
Assets | (87,623) | (87,623) | (87,623) | (97,481) | |||
Accounts payable | 0 | 0 | 0 | 0 | |||
Accrued expenses and other current liabilities | 0 | 0 | 0 | 0 | |||
Income taxes payable | 0 | 0 | 0 | 0 | |||
Borrowings under credit agreement | 0 | 0 | 0 | 0 | |||
Current deferred revenue | 0 | 0 | 0 | 0 | |||
Liabilities, Current | 0 | 0 | 0 | 0 | |||
Non-current deferred revenue | 0 | 0 | 0 | 0 | |||
Deferred income taxes | (19,366) | (19,366) | (19,366) | (29,224) | |||
Other non-current liabilities | 0 | 0 | 0 | 0 | |||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | |||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 0 | 0 | 0 | 0 | |||
Retained earnings | (68,257) | (68,257) | (68,257) | (68,257) | |||
Accumulated other comprehensive income | 0 | 0 | 0 | 0 | |||
Treasury Stock, Value | 0 | 0 | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | (68,257) | (68,257) | (68,257) | (68,257) | |||
Total liabilities and stockholders' equity | (87,623) | (87,623) | (87,623) | (97,481) | |||
Previously Reported [Member] | Accounting Standards Update 2014-09 (Topic 606) [Member] | |||||||
Cash and cash equivalents | 65,592 | 54,428 | 52,048 | 96,165 | |||
Accounts Receivable, Net, Current | 45,293 | 56,586 | 53,999 | 41,810 | |||
Current contract assets | 314,745 | 321,135 | 317,967 | 304,378 | |||
Current contract costs | 24,325 | 23,046 | 21,296 | 20,500 | |||
Prepaid expenses and other current assets | 11,124 | 10,330 | 12,992 | 10,509 | |||
Prepaid income taxes | 1,573 | 921 | 1,422 | 2,601 | |||
Assets, Current | 462,652 | 466,446 | 459,724 | 475,963 | |||
Property, equipment and leasehold improvements, net | 7,589 | 8,311 | 9,006 | 9,806 | |||
Computer software development costs, net | 1,452 | 691 | 695 | 646 | |||
Goodwill | 73,534 | 74,802 | 75,649 | 75,590 | |||
Intangible assets, net | 31,756 | 32,889 | 34,192 | 35,310 | |||
Non-current contract assets | 358,709 | 366,581 | 357,947 | 340,622 | |||
Contract costs | 0 | 0 | 0 | 0 | |||
Non-current deferred tax assets | 1,696 | 1,651 | 1,176 | 11,090 | |||
Other non-current assets | 1,279 | 1,075 | 1,279 | 1,297 | |||
Assets | 938,667 | 952,446 | 939,668 | 950,324 | |||
Accounts payable | 4,023 | 5,249 | 2,501 | 4,230 | |||
Accrued expenses and other current liabilities | 42,746 | 36,688 | 32,000 | 39,515 | |||
Income taxes payable | 35,582 | 43,573 | 46,869 | 1,698 | |||
Borrowings under credit agreement | 220,000 | 220,000 | 170,000 | 170,000 | |||
Current deferred revenue | 24,415 | 23,145 | 23,737 | 15,150 | |||
Liabilities, Current | 326,766 | 328,655 | 275,107 | 230,593 | |||
Non-current deferred revenue | 19,312 | 18,167 | 15,046 | 12,354 | |||
Deferred income taxes | 154,901 | 157,238 | 159,563 | 214,125 | |||
Other non-current liabilities | 12,403 | 16,192 | 16,833 | 17,068 | |||
Series D redeemable convertible preferred stock, $0.10 par value—Authorized—3,636 shares as of June 30, 2019 and 2018 Issued and outstanding—none as of June 30, 2019 and 2018 | 0 | 0 | 0 | 0 | |||
Common stock, $0.10 par value—Authorized—210,000,000 shares Issued—103,642,292 shares at June 30, 2019 and 103,130,300 shares at June 30, 2018 Outstanding—68,624,566 shares at June 30, 2019 and 71,186,701 shares at June 30, 2018 | 10,348 | 10,340 | 10,328 | 10,313 | |||
Additional paid-in capital | 730,830 | 725,493 | 724,752 | 715,475 | |||
Retained earnings | 1,224,377 | 1,162,790 | 1,103,573 | 1,065,507 | |||
Accumulated other comprehensive income | 1,229 | 70 | 965 | 1,388 | |||
Treasury Stock, Value | (1,541,499) | (1,466,499) | (1,366,499) | (1,316,499) | |||
Stockholders' Equity Attributable to Parent | 425,285 | 432,194 | 473,119 | 476,184 | |||
Total liabilities and stockholders' equity | $ 938,667 | $ 952,446 | $ 939,668 | $ 950,324 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for doubtful accounts | $ (3,349) | |||
Additions: Charges to Costs and Expenses | (1,621) | |||
Deductions: Returns and Write-Offs | $ 975 | |||
Accounting Standards Update 2014-09 (Topic 606) [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for doubtful accounts | $ (2,703) | $ (1,285) | $ (1,604) | |
Additions: Charges to Costs and Expenses | (2,463) | (1,338) | ||
Deductions: Returns and Write-Offs | $ 1,045 | $ 1,657 |